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GAAP - Tax-Basis Q and A - v12 (Course Id 1504)

Updated / QAS / Registry
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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 185 ||| Review Questions: 93 ||| Final Exam Questions: 80
CPE Credits : 16.0
IRS Credits : 0
Price : $125.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1504

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, and tax-basis financial statements.  Most of the course is in a Q&A format.   

Usage Rank : 0
Release : 2022
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 27-May-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 - 1504

Keywords : Accounting, GAAP, Tax-Basis, Q, and, A, v12, cpe, cpa, online course
Learning Objectives :

Course Learning Objective

This course is divided into two Chapters. The purpose of Chapter 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. Chapter II deals with how to disclose and present tax-basis financial statements. Most of the course is presented in a Q&A format.

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
  • 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

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

After reading the course material, you will be able to:
  • 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 some of the eligible items for which the option is available
  • Recognize the basic rule for the liquidation basis of accounting

Chapter II
Tax-Basis Q&A

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

C. Cash and Investments

Review Questions

D. Receivables

E. Inventories

F. Cash Value of Life Insurance

G. Intangible Assets

Review Questions

H. Current Liabilities

I. Notes Payable

J. Other Liabilities

K. Stockholders' Equity

Review Questions

II. Revenue And Expenses

A. Income Statement Title

B. Involuntary Conversions

C. Reporting Revenue Gross Versus Net

D. Accounting for Revenue from Prepaid Stored-Value Cards

Review Questions

E. Depreciation and Amortization

F. Other Expense and Income Items

Review Questions

G. Cash Flows

H. Concentrations

I.  Fiscal Years

Review Questions

J. Personal Financial Statements

K. Related Party Disclosures and Transactions

L. Miscellaneous Disclosures

M. Income and Other Taxes

Review Questions

N. Dealing with Acts of God, Natural Disasters and Terrorist Acts

O. Accounting for Entities in Bankruptcy

P. Accounting for Website Development Costs

Q. Fair Value  Disclosures

R. Subsequent Events Under GAAP

Review Questions

S. Development Stage Entities and Start Up Disclosures

T. Liquidation Basis of Accounting

U. Using Pushdown Accounting

Review Questions

Chapter II - Tax-Basis Q&A


A. Overview

B. Present Reporting and Disclosure Authority- Tax Basis

C. Revised Definition of Tax-Basis Financial Statements

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

E. Deferred M-1s Are Eliminated with Tax-basis financial statements

F. Nontaxable Revenue and Nondeductible Expenses- Permanent Differences

G. Converting to Tax-Basis Financial Statements

H. Cash Flows Statement- Tax-Basis Financial Statements

I. Tax-Basis Financial Statement Titles

J. Disclosure and Financial Statement Requirements- Tax Basis

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

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

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

N. Disregarded Entities and Tax-Basis Financial Statements

O. Accounting for Tax Carryovers in Tax-Basis Financial Statements

P. Tax- Change in Accounting Method- IRC 481(a)

Q. Presenting Insolvency in Tax-Basis Financial Statements

R. Involuntary Conversions and Tax Basis

S. Sample Tax-Basis Financial Statements, Reports and Disclosures

Review Questions


CPE Accounting Course: https://www.cpethink.com/gaap-cpe-for-cpas
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