- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses two issues related to the preparation of financial statements. Lesson 1 provides guidance on using the cash and tax bases of accounting, as well as other special purpose frameworks. Lesson 2 takes a look at accounting for certain tax transactions that may need to be presented in the financial statements for conformity with GAAP.
Course Expiration Date: November 30, 2023
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Included with subscription(s):
Identify various special purpose frameworks, when to use them, and the form of the financial statements in a special purpose presentation.
Recognize how the pure cash, modified cash, income tax, and contractual bases affect financial statements, and how a special purpose framework might affect small and medium-sized entities.
Determine best practices for accounting changes, consolidation of VIEs, and uncertainty in income taxes.
Determine how to address financial statement issues related to examination by a taxing authority, a change of accounting method or period, asset capitalization and valuation, and investments in partnerships.
Recognize how financial statements may be affected by property and equipment transactions, stock redemptions and related transactions, partnerships, and LLCs.
Identify how financial statements may be affected by changes in tax status, transactions with owners, leasing transactions, and other tax transactions.
Lesson 1—Cash and Tax Bases and Other Special Purpose Frameworks
Lesson 2—Accounting for Certain Tax Transactions