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Lecture Intermediate accounting (Volume 2, 11th Canadian edition) – Chapter 21: Accounting changes and error analysis

After studying this chapter, you should be able to: Identify and differentiate among the types of accounting changes, identify and explain alternative methods of accounting for accounting changes, identify the accounting standards for each type of accounting change under IFRS and APSE,. | 1 CHAPTER 21: ACCOUNTING CHANGES AND ERROR ANALYSIS 2 2 CHAPTER 21: Accounting Changes and Error Analysis After studying this chapter, you should be able to: Identify and differentiate among the types of accounting changes. Identify and explain alternative methods of accounting for accounting changes. Identify the accounting standards for each type of accounting change under IFRS and APSE. Apply the retrospective application method of accounting for a change in accounting policy and identify the disclosure requirements. Apply retrospective restatement for the correction of an accounting error and identify the disclosure requirements. Apply the prospective application method for an accounting change and identify the disclosure requirements for a change in an accounting estimate. Identify economic motives for changing accounting methods and interpret financial statements where there have been retrospective changes to previously reported results. Identify the differences between IFRS and APSE related to accounting changes. Correct the effects of errors and prepare restated financial statements. 3 3 Types of Accounting Changes Change in Accounting Policy Change in the choice of “specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements” Change in Accounting Estimate Adjustment based on a change in circumstances on which a previous estimate was based or as the result of new information, more experience or subsequent developments 4 4 LO1 Identify and differentiate among the types of accounting changes. Types of Accounting Changes (Cont’d) Correction of an error in prior period financial statements Omissions from or mistakes in financial statements of prior periods caused by the misuse or failure to use reliable information that existed at the time financial statements were prepared They may be intentional or an oversight 5 5 LO1 Identify and differentiate among the types of accounting changes. . | 1 CHAPTER 21: ACCOUNTING CHANGES AND ERROR ANALYSIS 2 2 CHAPTER 21: Accounting Changes and Error Analysis After studying this chapter, you should be able to: Identify and differentiate among the types of accounting changes. Identify and explain alternative methods of accounting for accounting changes. Identify the accounting standards for each type of accounting change under IFRS and APSE. Apply the retrospective application method of accounting for a change in accounting policy and identify the disclosure requirements. Apply retrospective restatement for the correction of an accounting error and identify the disclosure requirements. Apply the prospective application method for an accounting change and identify the disclosure requirements for a change in an accounting estimate. Identify economic motives for changing accounting methods and interpret financial statements where there have been retrospective changes to previously reported results. Identify the differences between IFRS and