Chapter 21

Intermediate Accounting
13th Canadian Edition, Volume 2

Kieso ● Weygandt ● Warfield ● Wiecek ● McConomy
Chapter 21
Accounting Changes and Error Analysis
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Chapter 21: Accounting Changes and
Error Analysis (LO 1 to 3)
After studying this chapter, you should be able to:
1. Identify and differentiate among the types of accounting
changes and explain how to account for them.
2. Identify economic motives for changing accounting
methods and interpret financial statements where there
have been retrospective changes to previously reported
results.
3. Identify differences in accounting between IFRS and APSE.
Copyright ©2022 John Wiley & Sons, Canada, Ltd. 2

Changes in Accounting Policies and
Estimates, and Errors
Why do changes occur?
1. The accounting profession may mandate new accounting
methods/standards—standards change from time to time
2. Changing economic conditions may cause a company to
revise its methods of accounting
3. Changes in technology and in operations may require a
company to revise estimates of the depreciation patterns,
service lives, or residual values of depreciable assets
4. Corrections are needed when accounting errors are
discovered
LO 1 Copyright ©2022 John Wiley & Sons, Canada, Ltd. 3

Objectives of Standards for Accounting
Changes
• The overall objectives of accounting and disclosure
standards for accounting changes are to:
o Limit the types of changes permitted
o Standardize the reporting for each type of change
o Ensure readers have the necessary information to
understand the effects of the changes on the financial
statements
• IFRS and ASPE have established reporting frameworks that
cover three types of accounting changes

Change in Accounting Policy
• Change in accounting policy—changes in the choice of
“specific principles, bases, rules and practices applied by
an entity in preparing and presenting the financial
statements”
• Examples
o Initial adoption of a new accounting standard
o Change in inventory cost flow formula (as long as this results
in reliable and more relevant information)

Change in Accounting Estimate
• Change in accounting estimate—adjustment to the
carrying amount of an asset or liability or the amount of
an asset’s periodic consumption
• From assessment of the present status of or the expected
future benefits and obligations associated with an asset or
liability
• Example
o Change in estimate of the service life of an asset
o Change in the estimate of the net realizable value of
accounts receivable

Prior Period Error
• Prior period errors—omissions from or mistakes in the
financial statements of one or more prior periods caused
by the misuse of, or failure to use, reliable information
that existed and was available when the statements were
completed
• Intentional or oversight
• Example
o Failure to recognize depreciation on a group of capital assets

Initial Choice of Accounting
Policies Based on GAAP (ASPE)
GAAP Hierarchy provides guidance when a company
initially chooses an accounting policy
• Under ASPE
1. Primary sources: Sections 1400 to 3870, including
Appendices; Accounting Guidelines, including Appendices
2. When primary sources don’t address the issue: Policies
that are consistent with the primary sources of GAAP and
are developed by exercising professional judgement and
applying concepts set out in Section 1000, Financial
Statement Concepts

Initial Choice of Accounting
Policies Based on GAAP (IFRS)
GAAP hierarchy is guidance to follow when initially
choosing an accounting policy
• Under IFRS
1. Primary sources: the international financial reporting
standards (IFRS) and guidance that is an integral part of
the specific standard
2. When primary sources don’t address the issue:
Judgement—considering the Conceptual Framework for
the Preparation and Presentation of Financial Statements.
Ensures method chosen results in consistency with
treatment required by primary sources
Initial Choice of Accounting Policies
• Under both IFRS and ASPE
1. GAAP may specifically require or permit categorization of
items and different policies to be used e.g., depreciation
methods
2. Identify other sources that could be considered and
applied, such as pronouncements of standard-setting
bodies with similar conceptual frameworks

GAAP Requirements for Changes
• What conditions must exist for an entity to be allowed to
change its policy?
• One of two conditions is required
1. The change is required by a primary source of GAAP
2. A voluntary change results in presenting reliable and more relevant
information about the effects of the transactions, events, or
conditions on the entity’s financial position, financial performance,
or cash flows
o Onus is on management to explain why a different method is more
relevant
• ASPE allows a third type of change without having to meet the
“reliable and more relevant” test in Condition 2; see next slide

Voluntary Changes under ASPE
• ASPE allows the following voluntary changes in policy
between or among alternative methods of accounting and
reporting
o For investments in subsidiary companies, and companies
where the investor has significant influence or joint control
o For expenditures during development phase of internally
generated intangibles
o For defined benefit plans
o For income taxes
o For measuring the equity component of a compound
financial instrument
o To determine the cost of agricultural inventories

Changes That are Not Policy Changes
• It is clearly not a change in policy if
o A different policy is applied to transactions, events, or
conditions that are different in substance from those that
previously occurred
• Example: Adopting interest capitalization during construction
of own long-term assets, when company had not previously
been involved in self-construction
o A different policy is applied to transactions, events, or
conditions that either did not occur previously or that were
immaterial
• Example: Deferral of development expenditures when
previously these expenses were expensed as they were
immaterial

Treatment of Other Changes
• Early adoption of a new accounting standard is not
considered a voluntary change in policy
• Changes from a policy that was not acceptable or that was
applied incorrectly are considered corrections of an error
• When an item is reclassified for the statements to be
comparable, this is a change in presentation only—not a
change in policy

Changes in Accounting Estimates
• Future conditions and events and their effects cannot be
known with certainty; therefore, estimation requires
exercise of judgment
• It is normal to expect accounting estimates to change over
time with new experience and additional information
• Change in estimates is achieved through assessing the
present status and future expectations associated with
specific assets/liabilities; does not relate to past periods
• Sometimes difficult to differentiate between change in
estimate or accounting policy. Cases where it is unclear—
typically treated as a change in estimate

Accounting Items that Require
Estimates
• Here are a few common examples of accounting items
that require estimates
o Uncollectible receivables
o Inventory obsolescence
o Fair value of financial asset/liabilities
o Useful lives, patterns of consumption and residual values of
depreciable assets
o Liabilities for warranty costs

Correction of a Prior Period Error
• Standards make a distinction between errors and changes
in accounting estimates
• Estimations are approximations that change with
experience and additional information
• Errors are omissions or mistakes, through oversight or
intentional, that are not discovered until after the
financial statements for a period have been issued

Is It a Change in Estimate or a
Correction of an Accounting Error?
• Distinguishing between the correction of an
accounting error and a change in estimate
1. When a careful estimate later proves to be incorrect,
the change is considered a change in estimate
2. When the estimate was obviously calculated
incorrectly because of lack of expertise or it was done
in bad faith, the adjustment should be considered an
error correction

Alternative Accounting Methods:
Retrospective Application
• Retrospective Application—Also known as retroactive
application
• Requires applying a new accounting policy in the accounts
as if the new method had always been used
o The cumulative effect of the change at the beginning of the
period is calculated and an adjustment is made
o All prior years’ financial statements that are affected are
restated consistent with the new policy
• Objective is consistency in financial reporting and
comparability

Current
• Current—cumulative effect of the change at the beginning
of the period is calculated
• A catch-up adjustment is reported in the current year’s
income statement
• Advocates of this position argue that restating prior
financial statements (via retrospective application) may
result in a loss of confidence by investors in financial
reports

Prospective
• Prospective application—previous reported results
remain; no change is made
• Opening balances are not adjusted and no attempt is
made to correct or change past periods
• New policy applied to balances existing at the date of the
change
• Effects of the change reported in current and future
periods
• Supporters believe once financial statements are released,
they are final and should not be changed
Accounting Standards
• Accounting standards for each type of accounting change
indicate only two of the general approaches are
permitted: retrospective and prospective treatment
• When new/revised GAAP are adopted, recommendations
are usually included on how to handle the transition
o New disclosures: tend to be applied prospectively
o Remeasurements of SFP items: typically retrospective, by
adjusting opening asset/liability measurements, retained
earnings and other equity balances
• With some major changes, a choice is permitted
• For all accounting changes, the requirements apply to
each incident; not appropriate to net the effects
Accounting Changes—GAAP
Accounting Methods
Type of Accounting Change Accounting Method Applied
Change in accounting policy – on adoption of Apply the method that is approved in the
a primary source of GAAP transitional provisions of the primary source.
If there is none, use retrospective application to the
extent that it is practicable.
If retrospective application is impracticable, apply
prospectively
Change in accounting policy – voluntary Use retrospective application to the extent
practicable
If impracticable, apply prospectively.
Change in accounting estimate Apply prospectively
Correction of an error Use retrospective restatement

Retrospective Application: Change in
Accounting Policy
• The underlying principle of the retrospective application
method is that all comparative periods are presented as if
the new accounting policy had always been used
o Retrospective application means that the opening balance
of each affected component of equity is adjusted for the
earliest prior period that is presented
o All other affected comparative amounts that are disclosed
for each prior period that is provided are presented as if
the new accounting policy had always been in use

Limited Retrospective Application
• A limited version of retrospective application may be
applied if it is impracticable to do restatements
• This applies if one or more of these three conditions exist:
o The effects cannot be determined
o Assumptions must be made about what management’s
intents were
o Significant estimates that consider circumstances that
existed previously, but no longer possible to do this

Full Retrospective Application: Change
of Policy, Facts (1)
PiP 21.3 Facts: A company follows ASPE and has expensed all
interest costs incurred on self-constructed assets since beginning
its major capital upgrading project in 2021.
• In 2023, the company changes its accounting policy to one of
capitalizing all avoidable interest costs related to the self-
constructed assets
• The company recognizes deferred/future taxes
• The company is subject to a 30% tax rate
• They have also expensed interest for tax purposes and plan to
continue using this method in the future for tax purposes
• Financial information about the company since 2021 follows


of Policy, Journal Entry
• Assuming the 2023 accounts have not been closed, adjustments
to 2023 income are made to the income statement accounts;
changes to prior years are made through retained earnings
• Journal entry effective Jan 1, 2023:

of Policy, Restatement
Financial statement amounts for prior periods that are included for
comparative purposes are restated to give effect to the new policy
2022 is adjusted for

$20,000 increase in income
and $6,000 for tax
Opening balance is
from Dec 31, 2021
Adjustment for change

from 2021

of Policy, Restatement (IFRS)
Under IFRS:
o A third SFP, as at Jan 1, 2021 (opening balances) would be
added
o Adjusted basic and diluted earnings per share should be
shown
o A statement of changes in equity would be presented
instead of the statement of retained earnings
• The retrospective statement of changes in equity is shown
on the next slide, using the same information from the
previous example (PiP 21.3)

of Policy, Statement of Changes in
Equity

Partial Retrospective Application
• Retrospective restatement may require information that is
impracticable to obtain
• The effect of the change might be available for only some of the
prior periods
• An adjustment is made to the opening balances of the equity
components for the earliest period for which restatement is
possible
• Some estimates may be used to allow for retrospective
restatement, but measurements must be based on the
conditions that existed and were known in the prior period
• If a cumulative effect of the change cannot be determined at the
beginning of the current period—cannot apply retrospectively;
change applied prospectively from the earliest date practicable

Disclosures Required For a Change in
Accounting Policy
• These disclosures are required in the period of the change
whether accounted for retrospectively or prospectively
o For an initial application of a standard or primary source:
title, nature of change, what and how transitional provisions
were used
o The nature of any voluntary change, and why it provides
reliable and more relevant information
o The effects of the change, to the extent practicable, on each
financial statement line item affected in the current period,
and on periods before those presented
o If full retrospective application is impracticable: explain why,
periods affected, and how the change was handled
Additional Disclosures Required For a
Change in Accounting Policy
• Under ASPE • Under IFRS
• Some voluntary • Disclosures noted on
accounting policy previous slide are also
choice changes are required when a transitional
exempt from the provision or voluntary change
“reliable and more might affect future periods
relevant” condition • Required disclosure about
• Company should new standards—issued but
disclose why it made not yet effective and not
the accounting policy been applied
choice • Impact on EPS is required

Retrospective Restatement: Correction
of an Error
• Retrospective restatement is used in the case of error
corrections
o In the year when the error is discovered, an adjustment is
made to the beginning balance of retained earnings
o Prior period statements are restated so they appear as if the
error never happened
• Restatement is done in the first set of financial statements
completed after the error is discovered
• ASPE allows only full retrospective restatement
• When impractical on a cost-benefit basis, IFRS allows
partial restatement
Correction of an Error—Retrospective
Restatement: One Prior Period
PiP 21.5 Facts: A company discovered in 2023 that in 2022, $20,000
depreciation on a newly constructed building was not recorded. The
company follows ASPE and recognizes future taxes. The tax rate is 30%.
The 2022 books have been closed. Assume unadjusted retained earnings
on Dec 31, 2022 was $350,000; net income for 2023 was $400,000.
Depreciation expense (2022) was understated by: $20,000
Adjustments Accumulated depreciation at December 31,2022/
are required January 1, 2023, was understated by: 20,000
for: Future tax expense (2022) was overstated by 6,000
($20,000 × 30%):
Net income (2022) was overstated by ($20,000 − $6,000) 14,000
Future tax liability at December 31, 2022/January 1, 2023, was
overstated by ($20,000 × 30%) 6,000

Restatement: Journal Entry
• Journal entry to correct error, assuming the books for
2022 are closed.
Retained Earnings 14,000
Future Tax Liability 6,000
Accumulated Depreciation-Buildings 20,000

Restatement: Single-Period Statements
• The Retained Earnings account is adjusted because all 2022 income
statement accounts were closed to retained earnings at the end of
that year. Retained earnings, December 31, 2022 $ 350,000
Correction of an error $ (20,000)
Less: Income tax reduction 6,000 (14,000)
Restated balance of retained earnings,
31-Dec-22 336,000
Add: Net income (2023) 400,000
Retained earnings, December 31, 2023 $ 736,000
• If single-period financial statements are presented, the opening

retained earnings balance is adjusted in the period in which the error
is discovered
Restatement: Comparative Statements
PiP 21.6 Adjustments are made to correct the amounts of all
affected accounts in the statements of the comparative year (in
this case, 2022).
A note to the
2023 financial
statements is
required that
provides all
appropriate
disclosures to
explain the
correction

Correction of an Error: Multiple Prior
Periods
PiP 21.7 Facts: Assume that, when preparing the financial statements for
the year ended December 31, 2023, it was discovered that a property
purchased in mid-2020 for $200,000 had been charged entirely to the
Land account, in error.
Company books prior to discovering the error:
2023 2022
• The $200,000 cost should Not closed
have been allocated between Revenues $ 402,000 $ 398,000
Land ($50,000) and Building Expenses 329,000 320,000
($150,000). Income before taxes 73,000 78,000
• The building was expected to Income tax expense (30%) 21,900 23,400
be used for 20 years and Net income $ 51,100 $ 54,600
then sold for $70,000 (not
including the land). Retained earnings, Jan 1 $ 294,000 $ 242,000
• The company follows ASPE Net income for the year 51,100 54,600
and recognizes future taxes. Dividends declared (2,100) (2,600)
Retained earnings, Dec 31 $ 343,000 $ 294,000

Periods—Analysis
PiP 21.7 Cont’d Each
analysis requires
identifying two things:
first, what is in the
accounts now; and
second, what would
have been in the
accounts if the error
had not occurred. The
correcting entry then
adjusts what is there
now to what should be
there.

Periods—Journal Entry
1 Building 150,000 3: Future tax asset is the deductible
2 Depreciation Expense 4,000 temporary difference between the tax basis
3 Future Tax Asset 4,200 of $150,000 and the carrying amount of
4 Retained Earnings 7,000 $136,000 = $14,000 x 30% = $4,200
5 Land 150,000
6 Accumulated Depreciation-- 4: Effect of income overstatement in years
Buildings 14,000 2020 to 2022: $10,000 total depreciation
7 Current Tax Benefit 1,200
expense – 30% re: tax benefit = $7,000
6: Recognize accumulated depreciation for
1 and 5: Move $150,000 from the Land the 3½ years = depreciation expense =
account to the Building Account $14,000
2: 2023 books are still open. Depreciation 7: The related tax benefit ($1,200) from the
Expense for 2023 can be charged directly deductible temporary difference is charged
to the expense account directly to the accounts because the books
have not been closed for 2023

Periods—Income Statement
• Restatement of the comparative income statement
a Expenses: c Income tax: $21,900 - $1,200 = $20,700

$329,000 + $4,000 = $333,000
b Expenses: $320,000 + $4,000 = $324,000 d Income tax: $23,400 - $1,200 = $22,200

Periods—Retained Earnings
• Restatement of the statement of retained earnings

Disclosures For the Correction of an
Accounting Error—Year of Correction
• Disclosed in the year of correction; not necessary in
subsequent periods
o The nature of the error
o The amount of correction made to each affected statement
item for each prior period presented
o Amount of the correction made at the beginning of the
earliest prior period

Disclosures For the Correction of an
Accounting Error—IFRS Additions
• IFRS has additional disclosures
o When it is impracticable for an entity to determine the
effect of the correction on each specific prior period, the
entity is required to provide information about the
circumstances leading to any impracticability, and how the
error was corrected
o The effect of the correction on both basic and fully diluted
earnings per share for each prior period presented
o An opening statement of financial position for the earliest
comparative period presented

Prospective Application
• Effects of changes in estimates are handled prospectively
• No changes are made to previously reported results
• Effect of a change in estimate is accounted for by
including it in net income/comprehensive income as
appropriate in
o The period of change if the change affects that period only
o The period of change and future periods if the change
affects both
• It is appropriate to apply prospective treatment to a
change in accounting policy if it is impracticable to
determine the effect of the change on prior periods
Change in Estimate
PiP 21.9 Facts: A company purchased a building for $300,000 that
was originally estimated to have a useful life of 15 years and no
residual value.
• Depreciation of $20,000 per year has been recorded for five
years on a straight-line basis
• In 2023, the total useful life estimate is revised to 25 years
• Assume no depreciation entry has been made in 2023
• The accounts at the beginning of the sixth year are as follows:
Building $300,000
Less accumulated depreciation at end of 2022: 5 × $20,000 = 100,000
Carrying amount of building, January 1, 2023 $200,000

Change in Estimate: Prospective
Application
• No changes would be made to previously reported results—
they are made from the time of the change. Therefore, the
entry to record depreciation for 2023 is
Depreciation Expense 10,000
Accumulated Depreciation - Building 10,000
• The depreciation expense is recalculated as follows:

Carrying Amount - Residual Value
Depreciation Expense =
Remaining Service Life
$200,000 - $0
Depreciation Expense = = $10,000
25 years - 5 years

Disclosures Required For a Change in
an Accounting Estimate
• Minimum disclosures are as follows under ASPE
o The nature of the change in estimate
o The amount of the change in estimate affecting the current
period
• IFRS requires additional reporting
o The nature and amount off any change that is expected to
affect future periods (unless impracticable to estimate)
o If Impracticable to estimate, this fact should be disclosed
• Material changes in estimates made as part of normal
operations should be disclosed as a basic principle
• Disclosures about measurement uncertainty
Summary of Accounting Changes

Motivations for Change
Research has provided insights into why companies may
prefer certain accounting methods.
• Political costs: companies that are politically visible may try to
report income numbers that are low in order to avoid the
scrutiny of regulators
• Capital structure: a company may be considered in default on
its covenants if the debt-to-equity ratio is too high; choose
accounting methods to increase income
• Bonus payments: if bonuses are attached to income, managers
may select methods that maximize income
• Smooth earnings – prefer to show gradual increase (decrease)
in income; sometimes change accounting methods to avoid
dramatic fluctuations and resulting concern from users
Interpreting Accounting Changes
• Accounting changes often make it difficult to develop
meaningful trend data
• Most changes tend to shift earnings from one period to
another
• Some adjustments can convert operating cash flows to
investing or financing flows
• Users of the financial statements should look at
accounting changes closely when they occur and adjust
trend data as appropriate
• Disclosures are the best source of input for analysis of
trends
A Comparison of IFRS and ASPE
• The IFRS and ASPE standards covering how to choose a
policy, and how to account for changes in policy,
corrections of errors, and changes in estimates are very
similar
• Some significant differences:
o IAS 8 permits partial retrospective treatment for the
correction of an accounting error
o ASPE allows specific voluntary changes without the “reliable
and more relevant” justification
o IFRS requires additional disclosures

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the information contained herein.
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Intermediate Accounting

13th Canadian Edition, Volume 2

Accounting Changes and Error Analysis

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2022 is adjusted for

Adjustment for change

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• If single-period financial statements are presented, the opening

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a Expenses: c Income tax: $21,900 - $1,200 = $20,700

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• The depreciation expense is recalculated as follows:

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