Tax Basis Financial Statements and Other Special Purpose FrameworkCode: 22-TAXBASIS

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Course Details

290 pages

Objectives: The objective of this course is to discuss the general rules and applications used in the preparation of and reporting on tax-basis financial statements and other bases of accounting found within the special purpose frameworks (also referred to as other comprehensive bases of accounting).   

Updated for changes made by the Tax Cuts and Jobs Act, and the CARES Act. Topics include an overview of the types of special purpose frameworks,  advantages and disadvantages of using tax-basis financial statements,  tax-basis accrual versus cash basis,  reviewing the key differences between GAAP and tax-basis revenue and expenses and other differences, tax-basis disclosures,  reporting options for tax-basis financial statements, unusual reporting and presentation issues related to tax-basis financial statements, an overview of other types of special purpose frameworks including pure cash basis,  modified cash basis, regulatory basis, contractual basis, and the other basis of accounting,  and more. 


Presentation Method:  Self-Study

Category: Accounting and Auditing

CPE credit:  8  -   Accounting-4, Auditing-4

Program Level:  Overview

Prerequisites:  Basic understanding of GAAP and Auditing Standards

Advance Preparation:  None

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

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