Accounting Changes and Error Corrections
This course clarifies for the accountant when accounting issues will require an adjustment to prior period financial statements, and when they only impact current or future reporting periods. It does so by noting the differing treatments of changes in accounting principle, accounting estimate, and reporting entity. Coverage is also provided for the correction of errors in previously issued financial statements and the concept of materiality (which pertains to the correction of accounting errors). In short, this course provides the accountant with a complete toolkit of solutions for dealing with accounting changes and error corrections.
Format
PDF Course
Level
Overview
Duration
1 Hour
Course Information
Author: Steven Bragg
Course Number: AC1092
Learning Objectives
- Recognize the situations in which an accounting principle should be changed.
- Identify the situations in which retrospective application is required.
- Specify the different types of accounting errors.
- Recognize the disadvantage of applying changes on a prospective basis.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: April 2024
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
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