GAAP Tax Basis Overview (16 hrs)

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Course Description

GAAP Tax Basis Update & Overview – 16 hrs. CPE

This 2024 GAAP update course covers a variety of issues related to GAAP.  The course includes discussion of unusual reporting and disclosure issues that develop in practice such as how to disclose life insurance, leases, catastrophes, agreements not to compete, investments, and tax-basis financial statements. Most of the course is presented in a Q&A format.

Course Information


Price: $113
This course is included in our MEGA CPE Special and our Accounting & Auditing CPE Bundle


Course No. F020
Format: Online pdf (329 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of U.S. GAAP
Advance Preparation:None
Level: Overview
CPE Credit: 16 hrs.
Field of Study: Accounting: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2024

Objectives

Upon completion of this course you should be able to:

Section 1: GAAP Q & A – Balance Sheet

  • 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 how FIFO inventory is valued under the 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

Section 1: GAAP Q & A – Revenue and Expenses

  • 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 the types of information that should be used in computing the allowance account for trade receivables
  • Recognize how FIFO inventory is valued under the 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
  • 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 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
  • Understand how to account for the Pass-Through Entity (PTE) tax in financial statements

Section 2: Tax-Basis Q&A

  • 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

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What's your experience? We'd love to know!
Diane Jennings
Posted 5 years ago
Really good overview in Q&A format

This course really covers a lot! I really liked the Q&A format of the course versus being strictly a narrative. The review questions covered a lot as well, which was helpful.

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