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Everything you wanted to know about GAAP

Instructional Method Advanced Preparation Program Prerequisites Field Of Study Interactive Self Study NONE General understanding of accounting and U.S. GAAP and income tax basis financial statements Accounting & Auditing Experience Level Course ID CPE Credi ...Read more
$159.00 each


  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE

General understanding of accounting and
U.S. GAAP and income tax basis financial
statements

Accounting & Auditing
Experience Level Course ID CPE Credits Author
Overview SF-106.18 16 Steven C. Fustolo, CPA

Course Description:
This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments. Section II deals with how to disclose and present OCBOA financial statements.

Who Should Attend: CPAs

Learning Objectives:
After reading the Section I course material, you will be able to:

• 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
• Recall inventoriable costs
• Recall the GAAP rules to account for an intangible asset with a finite useful life
• Identify the GAAP treatment for endorsement split dollar arrangements
• Identify the accounting for environmental contamination costs
• Identify examples of costs associated with exit activities
• Recognize the accounting and classification of shipping and handling costs
• Recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor
• Identify options to avoid having to maintain two depreciation schedules
• Recall how to account for certain lease arrangements including those involving subleases
• Recognize how to account for certain transactions on the statement of cash flows
• Identify examples of group concentrations
• Recall the classification of terrorist acts and acts of God on the income statement
• 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 the eligible items for which the option is available

After reading the Section II course material, you will be able to:

• Choose some of the M-1 differences that do not apply to income tax basis financial statements
• Recognize how to account for an accounting change in income tax basis financial statements
• Recall how to account for and present nontaxable and nondeductible items in income tax basis financial statements
• Identify the disclosure requirements for income tax basis financial statements
• Recognize the appropriate and inappropriate financial statement titles for income tax basis financial statements

 


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