Tax Reform: Accounting Considerations (2 hrs)

Course Description

Tax Reform: Accounting Considerations – 2 hrs. CPE

Tax accounting considerations of recent tax reform is the focus of this 2-hr course. The objective 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.

Course Information



Price: $33
This course is included in our Mega CPE Unlimited Bundle

Course No. F120
Format: Online pdf (77 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: Basic understanding of U.S. GAAP
Advance Preparation:None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: March 2018

Objectives

Upon completion of this course you should be able to:

  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive 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 under GAAP
  • 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 to repatriated income.
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