ASC 250 – Accounting Changes and Error Corrections

What Will You Learn?

• Explain the purpose, scope, and authority of ASC 250
• Distinguish between changes in accounting principles, changes in accounting estimates, and error corrections
• Apply retrospective application correctly for changes in accounting principles
• Apply prospective application correctly for changes in accounting estimates
• Identify and correct prior-period errors in accordance with U.S. GAAP
• Assess materiality in evaluating accounting changes and errors
• Prepare audit-defensible disclosures for accounting changes and error corrections
• Document professional judgment to withstand audit, peer-review, and regulatory scrutiny