GAAP Tax Basis Overview (16 hrs)

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Course Description

GAAP Tax Basis Update & Overview – 16 hrs. CPE

This 2022 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 (328 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: April 2022


Upon completion of this course you should be able to:

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 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

2 GAAP Q & A – Revenue and Expenses

  • 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 the eligible items for which the option is available
  • Recognize the basic rule for the liquidation basis of accounting

3 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

Ratings and Reviews

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What's your experience? We'd love to know!
Diane Jennings
Posted 3 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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