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Accounting Changes and Error Corrections ON DEMAND

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1.0 Credits

Member Price $29.00

Non-Member Price $33.00


Occasionally, a company will find that it must alter its accounting to reflect a change in accounting principle or estimate - or it may locate an accounting error that must be corrected. These changes can have a substantial impact on the reported results of a business from period to period, which can make financial statements much less comparable over time. Accounting Changes and Error Corrections describes the situations in which it is necessary to make adjustments to prior period financial statements, and indicates situations when adjustments are only needed for the current period or in future periods. The differing treatments of changes in accounting principle, accounting estimate, and reporting entity are noted, as is the concept of materiality, which pertains to the correction of accounting errors.


Changes in Accounting Principle. Changes in Accounting Estimate. Changes in Reporting Entity. Correction of an Error in Preciously Issued Financial Statements. Corrections Related to Prior Interim Periods. Materiality of an Error.



Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.


Recognize the situations in which an accounting principle should be changed. Identify the situations in which retrospective application is required. Note the different types of accounting errors. Recognize the disadvantage of applying changes on a prospective basis.






Leader Bios

Steven Bragg, Western CPE

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).

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Non-Member Price $33.00

Member Price $29.00