PODCAST

KPMG Podcast: Accounting changes and error corrections

An overview of implications of applying ASC 250, accounting changes and error corrections.

Karen Silverman

Karen Silverman

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-1377

Tim Phelps

Tim Phelps

Partner, Dept. of Professional Practice, KPMG US

+1 212 872 3249

Podcast overview

In this podcast, specialists from our Department of Professional Practice discuss FAQs from our recent webcast, and some practical trends and observations.

Applicability

  • All entities

Relevant dates

  • Effective immediately

Podcast contents

  • 01:20 – Key considerations for accounting changes
  • 02:35 – Change in accounting estimate that is inseparable from a change in accounting principle
  • 04:10 – Trends in accounting changes and preferability letters
  • 05:50 – Impracticability
  • 07:30 – Error corrections
  • 08:40 – Big R vs little r restatement
  • 09:30 – Evaluating materiality of an error
  • 11:55 – Restatement trends
  • 12:45 – ICFR implications