Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 44 ||| Review Questions: 11 ||| Final Exam Questions: 10 |
CPE Credits : | 2.0 |
IRS Credits : | 2 |
Price : | $17.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents |
Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1494 |
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 : | 2019 |
Version : | 1.0 |
Prerequisites : | Basic understanding of U.S. GAAP. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Financial Reporting Implications of the Tax Cuts and Jobs Act
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 04-Oct-2019 |
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 - IRS Enrolled Agents - 1494 |
Keywords : | Taxes, Impact, Tax, Cuts, Jobs, Act, GAAP, Financial, Reporting, For, 2019, Tax, Year, cpe, cpa, online course |
Learning Objectives : |
Course Learning Objectives After reading the course material, you will be able to:
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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 Statement—Reporting 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 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 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 L. Effective Cash Flow Tax Rate of U.S. Companies M. Other Financial Statement Impacts of the TCJA (Act) 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 Sheet—FASB’s ASU 2015-17 D. Fixing the Disclosures in Uncertain Tax Positions for Nonpublic Entities Review Questions Glossary |