The Impact of the Tax Cuts and Jobs Act on GAAP and Financial ReportingCode: 21-ACCT-TCJA

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Course Details

83 pages

Objectives: The objective of this course is to inform the reader of impacts the changes made by the Tax Cuts and Jobs Act have on GAAP and financial reporting.

Topics include an analysis of adjustments required to be made to deferred income tax assets and liabilities, including those assets related to net operating losses, newly issued ASU 2018-02 related to the tax effect of accumulated other comprehensive income, accounting for the change from an S to a C corporation, impact of the elimination of like-kind exchanges, GAAP accounting for bonus and Section 179 depreciation, new limitations on interest deduction, SEC SAB 118 transition rules, presenting the tax benefit of an NOL carryover, and more.

After reading Sections I and II of the course material, you will be able to:

  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and JobsAct
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated othercomprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss underGAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining torepatriated income.
  • Recall when an entity is required to disclose the tax years open for examination
  • Presentation Method:  Self-Study


Category: Accounting

CPE credit:  2 Hours

Program Level:  Basic to intermediate

Prerequisites:  Basic understanding of GAAP

Advance Preparation:  None

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


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