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Understanding and Applying the AICPA Code of Professional ConductCode: 23-AICPACODE
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Course description and objectives:
This course provides a comprehensive overview of the accounting requirements with respect to accounting changes and error corrections and the related reporting implications within an entity’s financial statements. The scope of accounting changes includes a discussion of changes in accounting principles, changes in accounting estimates, as well as changes of a reporting entity. The course also provides an overview of the accounting requirements of correcting errors in previously issued financial statements as well as restatement considerations. A majority of the information included within this course is sourced from the requirements found within FASB ASC Topic No 250, Accounting Changes and Error Corrections.
Upon completion of this course, you will be able to:
- List the different types of accounting changes and how they affect an entity’s financial statements
- Differentiate between the requirements for the different types of accounting changes
- Identify the steps involved in the required assessment for a correction of an error
- Differentiate between the iron curtain and rollover methods for quantifying a correction of an error
- Recognize the different types of restatements required as a result of accounting changes
Presentation Method: QAS Self-Study
CPE credit: 2 Hours
Program Level: Overview
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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