Video: Accounting Changes and Error Corrections Overview and Objectives

In this lesson, Nick Palazzolo, CPA, dives into the inevitable realm of accounting changes and error corrections with a mix of humor and expertise. He eases into the topic of inevitable errors and necessary changes, framing the need to adapt and rectify them within the financial statements. Through this session, Nick outlines the learning objectives including how to calculate and apply adjustments for these changes and corrections, and determining whether a prospective or retrospective approach is required. He further delves into understanding the impact these adjustments have on financial statements and related disclosures, distinguishing between when to simply disclose versus when to actually amend the financial numbers. So, grab a seat as Nick makes sense of this critical aspect of accounting in a way that's both informative and accessible.