Accounting Changes and Error Corrections (ASC 250)

$49.00

Learn more about ASC 250 (accounting changes and error corrections) in this course that provides an overview of:

The definition of and scope of various types of accounting changes
Economic motives, justification, and evaluation of changing accounting methods
The primary considerations for error corrections.

This course also includes illustrated examples of how to apply FASB ASC 250 - accounting changes and error corrections.

Field of Study:

Accounting

Credit(s):

NASBA: 2.0

Course ID:

NASBA: 23532/27519

Instructor(s):

Amelia Hart

Course Format:

On Demand

Prerequisites:

None

Advanced Preparation:

None

Knowledge Level:

Intermediate

Publication Date:

07/01/2024

Planned Expiration:

01/31/2026

Provider:

Becker Professional Education

What is ASC 250?

Accounting Standards Codification Topic 250, or ASC 250, addresses Accounting Changes and Error Corrections. This provides a clear framework to follow when addressing an accounting change or correcting an error in a finalized financial statement.

Accounting changes

The FASB released ASC 250 to address three types of accounting changes:

Accounting principle
Accounting estimate
Reporting entity

Error correction

ASC 250 addresses how to correct errors in applying accounting principles, methods or estimates to ensure transparency and accuracy in financial reporting.

How does ASC 250 benefit organizations?

Providing guidance in how to address accounting changes and correct errors benefits those in the organization as well as stakeholders. Specifically, ASC 250:

Ensures consistency in reporting
Promotes transparency in how changes and corrections are disclosed
Improves accuracy
Reduces the risk of non-compliance and possible legal issues
Builds stakeholder confidence.

Learning objectives

After completing this course, the learner should be able to:

Identify professional guidance on the accounting for and reporting of accounting changes and error corrections.
Recognize types of accounting changes, including changes in accounting estimates, changes in accounting principles, and changes in accounting entities.
Identify which accounting changes require retrospective application, prospective treatment, or cumulative catch-up adjustments to retained earnings.

Instructor bio

Education

Lee University
- Bachelors
University of Tennessee
- Masters
Anderson University
- Doctorate

Licenses & certifications

CPA
CGMA

Organizations

Teaching & instruction

A Becker Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823