tailieunhanh - Lecture Intermediate accounting (14th edition): Chapter 22 - Kieso, Weygandt, Warfield

Chapter 22 - Accounting changes and error analysis. In this chapter students will be able to: Identify the two types of accounting changes, describe the accounting for changes in accounting policies, understand how to account for retrospective accounting changes, understand how to account for impracticable changes, describe the accounting for changes in estimates,. | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting 14th Edition 22 Accounting Changes and Error Analysis Kieso, Weygandt, and Warfield Identify the two types of accounting changes. Describe the accounting for changes in accounting policies. Understand how to account for retrospective accounting changes. Understand how to account for impracticable changes. Describe the accounting for changes in estimates. Describe the accounting for correction of errors. Identify economic motives for changing accounting policies. Analyze the effect of errors. Learning Objectives Changes in accounting policy Changes in accounting estimate Change in reporting entity Correction of errors Summary Motivations for change of method Accounting Changes Error Analysis Balance sheet errors Income statement errors Balance sheet and income statement effects Comprehensive example Preparation of statements with error corrections Accounting Changes and Error Analysis Types of Accounting Changes: Change in Accounting Policy. Changes in Accounting Estimate. Change in Reporting Entity. Errors are not considered an accounting change. LO 1 Identify the two types of accounting changes. Accounting Alternatives: Diminish the comparability of financial information. Obscure useful historical trend data. Accounting Changes Average cost to LIFO. Completed-contract to percentage-of-completion. Change from one accepted accounting policy to another. Examples include: Changes in Accounting Principle LO 2 Describe the accounting for changes in accounting policies. Adoption of a new policy in recognition of events that have occurred for the first time or that were previously immaterial is not an accounting change. Three approaches for reporting changes: Currently. Retrospectively. Prospectively (in the future). FASB requires use of the retrospective approach. Rationale - Users can then better compare results from one period to the next. LO 2 Describe the . | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting 14th Edition 22 Accounting Changes and Error Analysis Kieso, Weygandt, and Warfield Identify the two types of accounting changes. Describe the accounting for changes in accounting policies. Understand how to account for retrospective accounting changes. Understand how to account for impracticable changes. Describe the accounting for changes in estimates. Describe the accounting for correction of errors. Identify economic motives for changing accounting policies. Analyze the effect of errors. Learning Objectives Changes in accounting policy Changes in accounting estimate Change in reporting entity Correction of errors Summary Motivations for change of method Accounting Changes Error Analysis Balance sheet errors Income statement errors Balance sheet and income statement effects Comprehensive example Preparation of statements with error corrections Accounting Changes and Error

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Accounting changes
• Error analysis
• Accounting estimate
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Accounting policy
• Accounting policies
• Financial reporting
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process