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Course Details

Everything You Never Wanted to Know About GAAP (Course Id 431)

Updated / QAS / Registry   Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 16.0
IRS Credits : 0
Price : $127.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 431

Description :

This course covers a variety of issues related to GAAP including the unusual reporting and disclosure issues that develop in practice such as how to disclose life insurance, leases, catastrophes, tax-basis financial statements.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : General understanding of GAAP and tax-basis financial statements.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 03-Jun-2017
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 - NASBA Registry - 431

Keywords : Accounting, Everything, You, Never, Wanted, Know, About, GAAP, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

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.

Chapter I - Part I
GAAP Q&A - Balance Sheet

After reading the course material, you will be able to:
  • 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
  • Recall inventoriable costs
  • Recall the GAAP rules to account for an intangible asset with a finite useful life
  • Identify the GAAP treatment for endorsement split dollar arrangements
  • Identify the accounting for environmental contamination costs
  • Identify examples of costs associated with exit activities

Chapter I - Part II
GAAP Q&A - Revenue and Expenses

After reading the course material, you will be able to:
  • Recognize the accounting and classification of shipping and handling costs
  • Recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor
  • Identify options to avoid having to maintain two depreciation schedules
  • Recall how to account for certain lease arrangements including those involving subleases
  • Recognize how to account for certain transactions on the statement of cash flows
  • Identify examples of group concentrations
  • 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

Chapter II
Tax-Basis Financial Statements

After reading the course material, you will be able to:
  • 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
Course Contents :

Chapter I - GAAP Q & A

I. Balance Sheet

A. Comparative Statements/ Individual Statements

B. Property and Equipment

Review Questions and Suggested Solutions

 

C. Cash and Investments

Review Questions and Suggested Solutions

 

D. Receivables

E. Inventories

F. Cash Value of Life Insurance

G. Intangible Assets

Review Questions and Suggested Solutions

 

H. Current Liabilities

I. Notes Payable

J. Other Liabilities

K. Stockholders' Equity

Review Questions and Suggested Solutions

 

II. Revenues and Expenses

A. Income Statement Title

B. Involuntary Conversions

C. Percentage Revenue

D. Accounting for Shipping and Handling Costs Billed

E. Income Statement Characterization of Reimbursements Received

F. Reporting Revenue Gross Versus Net

G. Cash Received by a Reseller from a Vendor

Review Questions and Suggested Solutions

 

H. Depreciation and Amortization

I. Other Expense and Income Items

Review Questions and Suggested Solutions

 

J. Cash Flows

K. Concentrations

L. Fiscal Years

Review Questions and Suggested Solutions

 

M. Personal Financial Statements

N. Related Party Disclosures and Transactions

O. Miscellaneous Disclosures

P. Income and Other Taxes

Review Questions and Suggested Solutions

 

Q. Dealing with Acts of God (Natural Disasters), Terrorist Acts and Insurance Related Thereto

R. Accounting for Entities in Bankruptcy

S. Accounting for Web Site Development Costs

T. Fair Value  Disclosures

U. Subsequent Events Under GAAP

V. Peer Review Deficiencies

Review Questions and Suggested Solutions

 

Chapter II - Tax-Basis Financial Statements

A. Overview

B. Definition of Special Purpose Framework and Tax Basis

C. New Definition of Tax-Basis Financial Statements

D. When to Use and Not Use Tax-Basis Financial Statements

E. Present Reporting and Disclosure Authority- Tax Basis

F. Items Peculiar to Tax-Basis Financial Statements

G. Disclosure and Financial Statement Requirements- Tax Basis

H. Making Tax-Basis Financial Statements Simpler to Use and Understand

I. Converting to Tax-Basis Financial Statements

J. Cash Flows Statement

K. Tax-Basis Financial Statement Titles

L. Disclosure and Financial Statement Requirements- Tax Basis

M. Authority for Tax-Basis Disclosures

N. Disclosures of Fair Value- Tax Basis

O. Miscellaneous Disclosures Tax Basis

P. Other Tax Basis Issues

Q. Using the Tax Basis Based on a Method That Differs From the Income Tax Return

R. Combining Financial Statements Prepared in Accordance With the Tax-Basis of Accounting

S. Disregarded Entities and Tax-Basis Financial Statements

T. Tax Basis and the Uses to File Criterion

U. Tax-Basis Financial Statements- State Tax-Basis  of Accounting

V. Section 179 Depreciation- Tax Basis

W. Presenting Section 179 and Bonus Depreciation on the Tax Basis Income Statement

X. Agreements Not to Compete - Tax-Basis Financial Statements

Y. Presenting Insolvency in Tax-Basis Financial Statements

Review Questions and Suggested Solutions

 

Glossary

GAAP Course 431 Home: https://www.cpethink.com/gaap-cpe-for-cpas
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