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Handbook: Accounting changes and error corrections

Handbooks | November 2023

Latest edition: Our in-depth guide to the accounting and presentation requirements of ASC 250.

Using Q&As and examples, this in-depth guide explains how to identify, account for and present the different types of accounting changes and error corrections – with new and revised guidance and interpretations in this edition.


  • All entities

Relevant dates

  • Effective immediately

Key impacts

Principles, methods, estimates – and errors

Sometimes mandated and sometimes self-selected, an entity’s accounting principles, methods and estimates set the scene for the accounting that follows – directing how assets, liabilities, revenues, expenses, gains and losses are recognized and measured. Applied consistently, they provide structure to the financial statements and give financial statement users confidence in interpreting the information.

ASC 250, Accounting Changes and Error Corrections, doesn’t prescribe specific accounting principles or methods or estimates, but it does provide guidance on when and how they are changed. And if an entity stumbles in applying its accounting principles and methods, or in forming estimates, ASC 250 provides guidance on how that error is corrected.

As such, ASC 250 is the companion standard to all others.

Report contents

  • Scope and materiality
  • Accounting changes
  • Error corrections
  • Interim reporting
  • SEC registrants

Download the document:

Accounting changes and error corrections

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Meet our team

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Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Rivka Grund-Sender
Managing Director, Dept. of Professional Practice, KPMG US

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