- 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: October 31, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify the various special purpose frameworks and when to use them.
Recognize how use of the pure cash, modified cash, income tax, and contractual bases of accounting will affect the financial statements.
Determine best practices for dealing with accounting changes, the consolidation of variable interest entities, and uncertainty in income taxes when special purpose frameworks are used.
Determine how to best address financial statement issues that come up related to a change of accounting method or period, and asset capitalization and valuation.
Recognize how an entity's financial statements may be affected by property and equipment transactions, stock redemptions, and limited liability companies.
Identify how financial statements may be affected by changes in an entity's tax status, transactions with owners, and leasing transactions.
Lesson 1—Cash and Tax Bases and Other Special Purpose Frameworks
Lesson 2—Accounting for Certain Tax Transactions