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"03-17M351 Notes-Day 25 Chg-Err 2

"03-17M351 Notes-Day 25 Chg-Err 2 - C On pages...

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M351 Notes, Class 25: Changes & Errors, pages 1197-1214 A. Correction of errors : Restate (go back and change [write over] presented statement amounts to change incorrect statement amounts to correct amounts. Also make a journal entry, if necessary, to change incorrect current period statement amounts to correct amounts. See Illustrations 22-19 and 22-20, 22- 21 and 22-22 on pages 1199-1201 for an example of error correction. Illustration 22-18 on page 1198 provides a list of possible errors. B. There is an explanation additional errors on pages 1204-1208.
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Unformatted text preview: C. On pages 1178-1180 here is a comprehensive example of numerous errors and error corrections spread over several years. D. On pages 1208-1211 is a worksheet example of correction of several errors in the financial statements. E. Note, for transition to M503, that there is a section in Appendix 22A on pages 1245-1219 that explains how to effect a change from the fair-value method to the equity method for an investment in equity securities. 1...
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