Accounting Changes and Error Corrections (CPE Course)

CPE Credit: 1 hour

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $10

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Course Description
This course clarifies for the accountant when accounting issues will require an adjustment to prior period financial statements, and when they only impact current or future reporting periods. The course does so by noting the differing treatments of changes in accounting principle, accounting estimate, and reporting entity. Coverage is also provided for the correction of errors in previously issued financial statements and the concept of materiality (which pertains to the correction of accounting errors). In short, this course provides the accountant with a complete toolkit of solutions for dealing with accounting changes and error corrections.

Author: Steven Bragg

Course Number: AC1092

Learning Objectives

  • 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.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.


AccountingTools, Inc. 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 the 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:

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.