- Credits: 2
- Format: Self-Study eBook
- Field of Study: Accounting
- Author/Speaker: Steven Fustolo
|Program Prerequisites:||Basic understanding of U.S. GAAP|
|Published Date:||© April 2020|
The objective of this course is to inform the reader of the impacts the changes made by the Tax Cuts and Jobs Act have on GAAP and financial reporting.
- An analysis of adjustments required to be made to deferred income tax assets and liabilities
- 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.
After reading 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
Who Should Attend:
- All Certified Public Accountants (CPAs)