GAAP: Tax-Basis Q&A

Course Information

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Title:	GAAP: Tax-Basis Q&A
Category:	Accounting and Auditing
Field of Study:	Accounting
Course Code:	M280
CPE Credits:	16.0
Price:	99.95

Description

Description:

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.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Technical Details: Accounting is a technical field of study.

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Objectives

Objectives:

Section 1: GAAP Balance Sheet, Revenue and Expenses 1. Recall the accounting treatment for non-monetary exchanges 2. Recognize the formula for measuring an impairment of real estate 3. Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships 4. Recognize some of the disclosures required for trade receivables 5. Recognize how FIFO inventory is valued under the new inventory rules 6. Recall certain inventoriable costs 7. Recall the GAAP rules to account for an intangible asset with a finite useful life 8. Identify the accounting for environmental contamination costs 9. Identify examples of costs associated with exit activities 10. Recognize how an entity should account for revenue when treated as an agent 11. Identify options to avoid having to maintain two depreciation schedules 12. Recall how to account for certain lease arrangements 13. Recognize how to account for certain transactions on the statement of cash flows 14. Identify exam

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers: CPA