October 2014
Intermediate to advanced
1512 pages
57h 40m
English
book
Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
by Joanne M. Flood
Content preview from Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
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Chapter 9ASC 250 ACCOUNTING CHANGES AND ERROR CORRECTIONS
Summary of Accounting Changes and Error Corrections
Change in Accounting Principle
Disclosure of Prospective Changes in GAAP
Change in Accounting Estimate Effected by a Change in Accounting Principle
Evaluating Uncorrected Misstatements
Interim Reporting Considerations
PERSPECTIVE AND ISSUES
Subtopics
ASC 250, Accounting Changes and Error Corrections, contains one subtopic:
ASC 250-10, Overall, which:
- Provides guidance on accounting for and reporting on accounting changes and error corrections
- Requires, unless impractical, retrospective application of a change in accounting principle
- Provides guidance on when retrospective application is impractical and how to report on the impracticability.
ASC 250-10 also:
- Specifies the method of treating error correction in comparative statements
- Specifies the disclosures required upon restatement of previously issued statements of income
- Recommends methods of presentation of historical, statistical-type financial summaries affect by error corrections.
(ASC 250-10-5-5)
Scope
ASC 250 applies to all entities' financial statements and summaries of information that reflect an accounting period affected by accounting ...
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