U.S. GAAP Codification of Accounting Standards

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U.S. GAAP Accounting Standards
Codification Topic 250: Accounting Changes and Error Corrections


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Codification Topic 250
Accounting Changes and Error Corrections


Accounting Changes and Error Corrections

SFAS 154, May 2005
"Accounting Changes and Error Corrections - a replacement of APB Opinion No. 20 and FASB Statement No. 3"

Change in accounting principle
1. "Retrospective" application
--> Apply new accounting principle
--> to all prior periods presented
2. At the beginning of the first period presented
--> Cumulative effect will be reflected on the beginning balances
--> of assets, liabilities, and retained earnings
3. Balances of all prior and current periods reflect 
--> the effect of change in accounting principle
4. If it is impracticable
--> apply at the beginning of the earliest period possible

Change in accounting estimate
1. "Prospective" application
--> Apply to current and future periods only
2. Do not apply retrospectively
3. Change in depreciation method is
--> a change in accounting estimate
4. If the effects of (A) and (B) are "inseparable"
--> Total amount is considered as (B)
(A) change in accounting principle
(B) change in accounting estimate

Change in reporting entity
1. Retrospective application
--> Apply to all prior periods presented
--> in the financial statements of new reporting entity

Correction of prior-period error
1. Retrospective "restatement"
--> Prior-period financial statements are restated
2. At the beginning of the first period presented
--> Cumulative effect will be reflected on the beginning balances
--> of assets, liabilities, and retained earnings
3. Balances of all prior and current periods reflect 
--> the effect of error corrections
4. Materiality of errors is reviewed with reference to
--> the estimated "full fiscal year" income
5. Items material for (C), but not for (D) are
--> disclosed separately in the interim period
(C) interim period
(D) full fiscal year


International Financial Reporting Standards (IFRS)

   IAS 8: Accounting policies, changes in accounting estimates and errors


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   Codification Topic 250
   Accounting Changes and Error Corrections
 
Subtopics of Codification Topic 250
 
   250-10 Overall   
 
Accounting Terms of Codification Topic 250-10
 
   Accounting change
   Change in accounting estimate
   Change in accounting estimate effected by a change in accounting principle
   Change in accounting principle
   Change in the reporting entity
   Direct effects of a change in accounting principle
   Error in previously issued financial statements
   Indirect effects of a change in accounting principle
   Restatement
   Retrospective application   



   Other Topics at the Codification 200 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 205: Presentation of Financial Statements
 
ASC Codification Topic 210: Balance Sheet
ASC Codification Topic 215: Statement of Shareholder Equity
 
ASC Codification Topic 220: Comprehensive Income
ASC Codification Topic 225: Income Statement
 
ASC Codification Topic 230: Statement of Cash Flows
ASC Codification Topic 235: Notes to Financial Statements
 
ASC Codification Topic 250: Accounting Changes and Error Corrections
ASC Codification Topic 255: Changing Prices
 
ASC Codification Topic 260: Earnings per Share
 
ASC Codification Topic 270: Interim Reporting
ASC Codification Topic 272: Limited Liability Entities
ASC Codification Topic 274: Personal Financial Statements
ASC Codification Topic 275: Risks and Uncertainties
 
ASC Codification Topic 280: Segment Reporting


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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