GAAP - Tax Basis Q & ACode: 21-GAAP

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Course Details

333 pages

This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments. Section II deals with how to disclose and present OCBOA financial statements.

Objectives: This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments.  Section II deals with how to disclose and present tax-basis financial statements.  Most of the course is presented in a Q&A format.

 After reading the Section 1 course material, you will be able to:

         Recall the accounting treatment for non-monetary exchanges

         Recognize the formula for measuring an impairment of real estate

    Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships

         Recognize some of the disclosures required for trade receivables

         Recognize how FIFO inventory is valued under the new inventory rules

         Recall certain inventoriable costs

         Recall the GAAP rules to account for an intangible asset with a finite useful life

         Identify the accounting for environmental contamination costs

         Identify examples of costs associated with exit activities

         Recognize how an entity should account for revenue when treated as an agent

         Identify options to avoid having to maintain two depreciation schedules

         Recall how to account for certain lease arrangements

         Recognize how to account for certain transactions on the statement of cash flows

         Identify examples of group concentrations

         Recognize some of the results from the new net operating loss rules in tax reform

         Identify the basic accounting for fresh start reporting

         Identify how web development costs are accounted for during certain stages of development

         Recognize when an entity may elect the fair value option and identify some of the eligible items for which the option is available

         Recognize the basic rule for the liquidation basis of accounting

 

After reading the Section 2 course material, you will be able to:

         Recognize some of the M-1 differences that do not apply to tax-basis financial statements

         Recognize how to account for an accounting change in tax-basis financial statements

         Recall how to account for and present nontaxable and nondeductible items in tax -basis financial statements

         Identify the disclosure requirements for tax-basis financial statements

         Recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements

Presentation Method: Self-Study 

Category: Accounting 

CPE credit: 16 Hours 

Program Level: Intermediate 

Prerequisites: General understanding of accounting and auditing pronouncements. 

Advance Preparation: None 

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase.

For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to: National Registry of CPE Sponsors, 150 Fourth Ave. North, Suite 700, Nashville, TN 37219-2417. Web site: www.nasba.org

NASBA Sponsor number 108096
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