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GAAP - Tax Basis Q & ACode: 21-GAAP
Price: $149.00
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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.
·
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
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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