GAAP-Tax Basis Q and A

$159.00 each

Course ID: CPE Credits Field Of Study Author or Speaker:
SF-303.19  16 Credits   Accounting   Steven C. Fustolo
Instructional Method: Advanced Preparation: Program Prerequisites: Experience Level:
Interactive Self Study  None   Understand GAAP  Overview 

 

 


Course Description:
This course covers a variety of issues related to GAAP including the unusual reporting and disclosure issues that develop in practice such as how to disclose life insurance, leases, catastrophes, and tax-basis financial statements. Most of the course is in a Q&A format.

Objectives:
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 tax-basis financial statements. Most of the course is presented in a Q&A format.

After reading the Section 1 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
• Recognize how FIFO inventory is valued under the new inventory rules
• Recall certain inventoriable costs
• Recall the GAAP rules to account for an intangible asset with a finite useful life
• Identify the accounting for environmental contamination costs
• Identify examples of costs associated with exit activities and more..........