Accounting Changes and Error Corrections (Portfolio 5124)

Ralph Benke, Jr.

Professor Emeritus of Accounting

James Madison University

At a glance

I. Introduction and Key Definitions
II. Evolution of Accounting Changes and Error Corrections
III. Changes in Accounting Principles
IV. Disclosures for Changes in Accounting Principles
V. Changes in Accounting Estimates
VI. Changes in the Reporting Entity
VII. Correction of Errors
VIII. International Accounting Standard No. 8, Accounting Policies, Changes in Accounting Estimates, and Errors


Tax Management Portfolio 5124, Accounting Changes and Error Corrections (Accounting Policy and Practice Series), examines in detail the reporting and required disclosures of (a) changes in accounting principles, (b) changes in estimates, (c) changes in a reporting entity, and (d) error corrections. The Portfolio addresses the principal authoritative rules in the FASB Accounting Standards Codification (ASC) regarding accounting changes and error corrections as well as relevant pronouncements of the Securities and Exchange Commission.

This Portfolio may be cited as Tax Management Portfolio 5124, Benke, Accounting Changes and Error Corrections (Accounting Policy and Practice Series).

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