- NY Credits : 32.0
- TX Credits : 32.0
This interactive self-study course discusses several specialty topics that CPAs need to understand to be better able to prepare a client's financial statements. Lesson 1 takes a look at accounting for certain tax transactions, including a change in accounting method or period, asset capitalization and valuation considerations, stock redemption and related transactions, and changes in tax status. Lesson 2 examines fair value measurements that may apply to a financial presentation and covers topics including fair value measurement and disclosure, common valuation techniques, and what happens when an entity is liquidated. Finally, Lesson 3 discusses derivative instruments and covers topics such as accounting for derivatives.
Course Expiration Date: December 31, 2019
Please note, the grading fee for answer sheets submitted by regular mail is $105.
Identify appropriate accounting approaches for examination by a taxing authority, changes in accounting method or period, asset capitalization and valuation, investments in partnerships, property and equipment transactions, and stock redemptions and related transactions.
Recognize how to account for partnerships, limited liability companies, changes in tax status, and transactions with owners.
Identify the required fair value measurements.
Recognize common valuation techniques, how to apply the fair value measurement guidance provided in this course to common assets and liabilities, how to use the fair value option, what to do when an entity liquidates, and how fair value is affected when a special purpose framework is used.
Identify the appropriate authoritative guidance and accounting requirements for derivatives.
Lesson 1—Accounting for Certain Tax Transactions
Lesson 2—Fair Value Measurements
Lesson 3—Derivative Instruments