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A platform for research: civil engineering, architecture and urbanism
ASC 250 Accounting Changes and Error Corrections
Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections, contains one subtopic: ASC 250‐10, Overall. ASC 250‐10 specifies the method of treating error correction in comparative statements. It also specifies the disclosures required upon restatement of previously issued statements of income. It recommends methods of presentation of historical, statistical‐type financial summaries affected by error corrections. ASC 250 applies to all entities' financial statements and summaries of information that reflect an accounting period affected by an accounting change or error. Changes in accounting for given transactions can have a profound influence on investing and operational decisions. ASC 250 contains the underlying presumption that in preparing financial statements an accounting principle, once adopted, should not be changed when accounting for events and transactions of a similar type. This consistent use of accounting principles is intended to enhance the utility of financial statements.
ASC 250 Accounting Changes and Error Corrections
Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections, contains one subtopic: ASC 250‐10, Overall. ASC 250‐10 specifies the method of treating error correction in comparative statements. It also specifies the disclosures required upon restatement of previously issued statements of income. It recommends methods of presentation of historical, statistical‐type financial summaries affected by error corrections. ASC 250 applies to all entities' financial statements and summaries of information that reflect an accounting period affected by an accounting change or error. Changes in accounting for given transactions can have a profound influence on investing and operational decisions. ASC 250 contains the underlying presumption that in preparing financial statements an accounting principle, once adopted, should not be changed when accounting for events and transactions of a similar type. This consistent use of accounting principles is intended to enhance the utility of financial statements.
ASC 250 Accounting Changes and Error Corrections
Flood, Joanne M (author)
Wiley <fc>GAAP</fc> 2018 ; 103-124
2018-03-12
22 pages
Article/Chapter (Book)
Electronic Resource
English
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