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Tax-Basis Financial Statements and Other Special Purpose Frameworks (Course Id 1837)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 8.0
IRS Credits : 0
Price : $71.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1837

Description :

The objective of this course is to discuss the general rules and applications used in the preparation of and reporting on tax-basis financial statements and other bases of accounting found within the special purpose frameworks (also referred to as other comprehensive bases of accounting).  

Updated for changes made by the Tax Cuts and Jobs Act, and the CARES Act. Topics include an overview of the types of special purpose frameworks,  advantages and disadvantages of using tax-basis financial statements,  tax-basis accrual versus cash basis,  reviewing the key differences between GAAP and tax-basis revenue and expenses and other differences, tax-basis disclosures,  reporting options for tax-basis financial statements, unusual reporting and presentation issues related to tax-basis financial statements, an overview of other types of special purpose frameworks including pure cash basis,  modified cash basis, regulatory basis, contractual basis, and the other basis of accounting,  and more.

Field of study: 
4 hours accounting
4 hours auditing 

 

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : General understanding of U.S. GAAP, compilation and review and auditing standards, and federal income taxation.
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 : 29-May-2021
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 - 1837

Keywords : Accounting and Auditing, Tax-Basis, Financial, Statements, Other, Special, Purpose, Frameworks, cpe, cpa, online course
Learning Objectives :

Chapter 1
Overview

After reading Chapter 1 course material, you will be able to:
  • Identify an accounting standard that exempts non-public entities from its application
  • Recall a disadvantage of the AICPA’s Financial Reporting Framework for SMEs

Chapter 2
Scope of Tax-Basis Financial Statements

After reading the Chapter 2 course material, you will be able to:
  • Recognize the type of criteria on which the other basis of accounting is based
  • Recall whether a one-member LLC is permitted to issue tax-basis financial statements

Chapter 3
Advantages and Disadvantages of Tax-Basis

After reading the Chapter 3 course material, you will be able to:
  • Identify the best use for tax-basis accrual financial statements
  • Recognize an example of a permanent difference
  • Recall an example of a GAAP disclosure that can be eliminated by using tax-basis financial statements
  • Identify a situation in which tax-basis financial statements might be misleading

Chapter 4
Key Differences Between Tax Basis and Gaap

After reading the Chapter 4 course material, you will be able to:
  • Recall ways in which nontaxable revenues and nondeductible expenses can be presented in tax-basis financial statements
  • Recognize which type of exchange of assets no longer qualifies for like-kind treatment in tax-basis financial statements
  • Recognize how an entity accounts for a change in accounting method in the tax-basis of accounting
  • Identify how to account for certain transactions in tax-basis financial statements

Chapter 5
Financial Statement Formats

After reading the Chapter 5 course material, you will be able to:
  • Recognize whether supplementary information is part of the financial statements
  • Identify titles that are appropriate and not appropriate for tax-basis financial statements
  • Recall types of legends that might be included on pages of tax-basis financial statements
  • Recall how a statement of cash flows should be accounted for and presented in tax-basis financial statements

Chapter 6
Tax-Basis Disclosures

After reading the Chapter 6 course material, you will be able to:
  • Identify categories of disclosures that should be included in tax-basis financial statements
  • Recognize elements that are and are not relevant to tax-basis financial statements in preparing a summary of significant accounting policies
  • Recall how certain GAAP disclosures should be handled in tax-basis financial statements

Chapter 7
Tax-Basis Reports

After reading the Chapter 7 course material, you will be able to:
  • Recognize the reporting requirement for preparation and compilation of tax-basis financial statements engagements under SSARS No. 21
  • Recall the appropriate title for a review report on tax-basis financial statements
  • Identify certain language that should be included in an audit report on tax-basis financial statements

Chapter 8
Converting to Tax-Basis Financial Statements

After reading the Chapter 8 course material, you will be able to:
  • Identify the reporting option when an entity changes from GAAP to tax-basis financial statements

Chapter 9
Chapter 9 - Unsusual Practice Issues - Tax-Basis Financial Statements

After reading the Chapter 9 course material, you will be able to:
  • Recognize how an accountant should report on a grantor trust or one-member LLC’s tax-basis financial statements
  • Identify the disclosures that are required if an accountant issues a report on a tax return

Chapter 10
Other Special Purpose Frameworks

After reading the Chapter 10 course material, you will be able to:
  • Identify disclosures that are and are not relevant to cash-basis financial statements
  • Recognize an element that is included in a summary of significant accounting policies for the modified cash basis
  • Identify other types of special purpose frameworks other than tax basis
Course Contents :

Chapter 1 -  Overview

I.      Introduction

II.     Overview

III.   Using Tax-Basis Financial Statements for Engagement Profitability

Review Questions

Chapter 2 - Scope of Tax-Basis Financial Statements

I.      General

II.     New Definition of Special Purpose Framework and Tax-Basis Financial Statements

III.   Definition of Tax-Basis of Accounting

Review Questions

Chapter 3 - Advantages and Disadvantages of Tax-Basis

I.      Choosing Between Tax-Basis Accrual and Cash-Basis Financial Statements

II.     When to Use Tax-Basis Financial Statements

III.   When Not to Use Tax-Basis Financial Statements

IV.   The Move Toward the Tax-Basis Review Engagement

Review Questions

Chapter 4 - Key Differences Between Tax Basis and Gaap

I.      General Differences- GAAP v. Tax-Basis

II.     Deferred M-1 Items (Timing Differences)

III.   Permanent Differences

IV.   Specific Differences- GAAP vs. Tax

V.    Revenue – GAAP vs. Tax Gross Income- IRC 61

VI.   Expense Differences- GAAP and Tax Basis

VII.  Accounting Changes- Tax-Basis Financial Statements

VIII. Deferred Income Taxes Eliminated in Tax-Basis Financial Statements

IX.   Materiality Differences between GAAP and the IRC

Review Questions

Chapter 5 - Financial Statement Formats

I.      General

II.     Tax-Basis Financial Statements

III.   Rules for Presenting Tax-Basis Financial Statements

IV.   Sample Financial Statements- Tax Basis

Review Questions

Chapter 6 - Tax-Basis Disclosures

I.      Overview

II.     The Four Disclosures Required for Tax-Basis Financial Statements

III.   Tax-Basis Disclosure Q&A

Review Questions

Chapter 7 - Tax-Basis Reports

I.      General

II.     Preparation of Financial Statements Engagement- Tax Basis

III.   Compilation Engagement Report- Tax Basis

IV.   Review Engagement Report- Tax Basis

V.    Audit Engagement Report- Tax Basis

Review Questions

Chapter 8 - Converting to Tax-Basis Financial Statements

I.      Converting to Tax-Basis Financial Statements

Review Questions

Chapter 9 - Unsusual Practice Issues - Tax-Basis Financial Statements

I.      Tax-Basis Review Report with a Tax-Basis Departure

II.     Using the Tax Basis Based on a Method That Differs from the Income Tax Return

III.   Accounting for Carryovers in Tax-Basis Financial Statements

IV.   Presentation of Tax-Basis Financial Statements- Disregarded Entities

V.    Presenting Insolvency in Tax-Basis Financial Statements

VI.   Involuntary Conversions and Tax Basis

VII.  Reporting on a Tax Return

Review Questions

Chapter 10 -  Other Special Purpose Frameworks

I.      General

II.     Cash-Basis of Accounting

III.   Preparation Engagement Report- Modified Cash Basis

IV.   Compilation Engagement Report- Modified Cash Basis

V.    Regulatory Basis and Contractual Basis

VI.   Other Basis of Accounting

Review Questions

Glossary

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