GAAP - Tax-Basis Q and A - v13 (Course Id 1504)

Accounting - Accounting for Course Id 1504

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.   

NASBA QAS - Text - Technical - NASBA Registry - 1504

Course Learning Objective

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

• 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

• 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
• Recognize how an entity should account for revenue when treated as an agent
• Identify options to avoid having to maintain two depreciation schedules
• 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 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
• Understand how to account for the Pass-Through Entity (PTE) tax in financial statements

Chapter II
Tax-Basis Q&A

• 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

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

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

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

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

Glossary