- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
Changing an accounting rule that has been consistently applied to measure particular items of income or expense can be relatively simple or can involve detailed planning and execution. This course differentiates between a change in method and a correction of an error. It clarifies the different types of changes and what procedures are necessary to make those changes. It also presents how to calculate adjustments necessary because of a change in accounting method. This course is most beneficial to professionals new to changing accounting methods. These individuals are often at the staff or entry level in an organization, although this course may also benefit a seasoned professional with limited exposure to changing accounting methods. NOTE: This course has been updated for the relevant provisions of the Tax Cuts and Jobs Act, when and if applicable.
Upon successful completion of this course, the user should be able to:
identify accounting method and changes in accounting method;
identify differences between correction of an error and a change in accounting method;
recognize the various method change options and the procedures required to make them effective; and
calculate the impact of a change in accounting method.