ACC537 Accounting Error Restatement Paper Week 6

ACC537 Accounting - Running head WEEK 6 ACCOUNTING ERROR RESTATEMENT PAPER 1 Week 6 Accounting Error Restatement Paper Debra Meyer ACC537 March 4

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Running head: WEEK 6 ACCOUNTING ERROR RESTATEMENT PAPER 1 Week 6 Accounting Error Restatement Paper Debra Meyer ACC537 March 4, 2011 Rebecca Kime
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WEEK 6 ACCOUNTING ERROR RESTATEMENT PAPER 2 Week 6 Accounting Error Restatement Paper No matter how careful a company is when analyzing and presenting accounting documentation in the form of financial statements errors in these statements may be discovered and at some later point in time. These errors must be corrected and reflected in the proper statements depending upon the type of error discovered. The most common types of errors requiring correction are: Change in accounting principle, change in accounting estimate, change in reporting entity, and errors in financial statements. Each type of error is requires a particular correction. Changes in accounting principle require financial statements affected currently and retrospectively to all prior years presented. Changes in accounting estimate require current period adjustment as well as prospective period adjustment. Changes in reporting entity requires retrospective change for all prior periods presented showing the new reporting entity. Errors in financial statements require correction and restatement of all prior period statements presented (Kieso, Weygandt, & Warfield, 2007). Wonder Auto Technology, Inc. is a company that has its corporate headquarters in
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This note was uploaded on 04/09/2011 for the course ACCOUNTING 537 taught by Professor Kime during the Spring '11 term at University of South Florida - Tampa.

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ACC537 Accounting - Running head WEEK 6 ACCOUNTING ERROR RESTATEMENT PAPER 1 Week 6 Accounting Error Restatement Paper Debra Meyer ACC537 March 4

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