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Course Details

The Impact of the Tax Cuts and Jobs Act on GAAP and Financial Reporting - For the 2018 Tax Year (Course Id 1350)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $17.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1350

Description :

The objective of this course is to inform the reader of impacts the changes made by the Tax Cuts and Jobs Act have on GAAP and financial reporting.

Topics include an analysis of adjustments required to be made to deferred income tax assets and liabilities, including those assets related to net operating losses, newly issued ASU 2018-02 related to the tax effect of accumulated other comprehensive income, accounting for the change from an S to a C corporation, impact of the elimination of like-kind exchanges, GAAP accounting for bonus and Section 179 depreciation, new limitations on interest deduction, SEC SAB 118 transition rules, presenting the tax benefit of an NOL carryover, and more.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : General understanding of U.S. GAAP
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 : 20-Mar-2018
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 - IRS Enrolled Agents - 1350

Keywords : Taxes, Impact, Tax, Cuts, Jobs, Act, GAAP, Financial, Reporting, For, 2018, Tax, Year, cpe, cpa, online course
Learning Objectives :

Impact of Tax Cuts on GAAP and Financial Reporting Tax Course Learning Objectives

After reading Sections I and II of the course material, you will be able to:
  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax-effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income
  • Recall when an entity is required to disclose the tax years open for examination
Course Contents :

Chapter 1 - The Impact of the Tax Cuts and Jobs Act on GAAP and Financial Reporting

General

I.      GAAP Impact of Tax Changes Made by the Tax Cuts and Jobs Act

A.    Tax Rate Change Impact on Deferred Income Taxes

B.     ASU 2018-02: Income StatementReporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

C.    Revaluing Deferred Tax Assets from NOLs

D.    Impact of Indefinite NOL Carryover Period on Deferred Tax Asset Valuation Accounts

Review Questions and Suggested  Solutions

E.     Accounting for the Change from S to C Corporation

F.     New Limitation on Interest Deduction

G.    Elimination of Like-Kind Exchanges on Personal Property

H.    Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements

I.      Overall Impact of Reduction in Tax Rate on SEC Companies

Review Questions and Suggested  Solutions

J.      SEC Staff Accounting Bulletin (SAB) No. 118

K.    FASB Staff Q&A: Topic 740, No.  2: Whether to Discount the Tax Liability on the
Deemed Repatriation

II.     Other Tax-Related Issues

A.    Deferred Tax Asset Recorded on Other Carryovers

B.     Presentation of Tax Benefit of NOL Carryover

C.    Presenting Deferred Tax Assets and Liabilities on the Balance SheetFASBs
ASU 2015-17

D.    Fixing the Disclosures in Uncertain Tax Positions for Nonpublic Entities

Review Questions and Suggested  Solutions

 

Glossary

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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