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| Author : | Steven C Fustolo, CPA, MBA |
| Course Length : | Pages: 33 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 0 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1939 |
| Description : | The objective of this course is to review the accounting and financial disclosures related to two recent changes from legislation: the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax. Topics include: An overview of the ERC rules; models to use to account for the ERC; comparing use of the ASC 958 model with the IAS 20 model to account for the ERC; disclosures required for the ERC including disclosures found in newly issued ASU 2021-10; fixing 2020 ERC presentation and disclosure errors; presenting the ERC on tax-basis financial statements; overview of the Pass-Through Entity (PTE) Tax election; GAAP accounting for the PTE tax; GAAP disclosures for the PTE tax; presenting the PTE tax on tax-basis financial statements, and more. |
| Usage Rank : | 0 |
| Release : | 2022 |
| Version : | 1.0 |
| Prerequisites : | General understanding of accounting, financial reporting, auditing and compilation and review standards. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Financial Accounting
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 07-Jan-2022 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - Technical - NASBA Registry - 1939 |
| Keywords : | Accounting, Accounting, Financial, Disclosures, Employee, Retention, Credit, ERC, Pass-Through, Entity, PTE, Tax, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives After reading the course material, you will be able to:
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| Course Contents : | Chapter 1 - Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax I. Introduction II. Accounting - Financial Disclosures for the Employee Retention Credit (ERC) A. Overview B. GAAP Accounting for the ERC C. OPTION 1: ASC 958-605- Not-for-Profit Entities: Revenue Recognition D. OPTION 2: IAS 20, Accounting for Government Grants and Disclosure of Government Assistance E. Disclosures for the ERC F. Fixing the 2020 Financial Statements and Disclosures for the ERC G. Tax-Basis Financial Statements and the ERC Review Questions III. Accounting - Financial Disclosures for the Pass-Through Entity (PTE) Tax A. Overview B. Use of the Pass-Through Entity (PTE) Tax Election C. GAAP Accounting and Disclosures- PTE Tax D. GAAP Accounting Rules for the PTE Tax E. GAAP Disclosures for the PTE Tax F. PTE Tax and Tax-Basis Financial Statements Review Questions Glossary |
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