- NY Credits : 8.0
- TX Credits : 8.0
Preparing Tax Basis Financial Statements
The objective of this course is to discuss the general rules and applications used in the preparation of and reporting on tax-basis financial statements and other bases of accounting found within the special purpose frameworks (also referred to as other comprehensive bases of accounting). Topics include and overview of the types of special purpose frameworks, advantages and disadvantages of using tax basis financial statements, tax basis accrual versus cash basis, reviewing the key differences between GAAP and tax basis revenue and expenses, and other differences, tax basis disclosures, reporting options for tax basis financial statements, unusual reporting and presentation issues related to tax basis financial statements, an overview of other types of special purpose frameworks including pure cash basis, modified cash basis, regulatory basis, contractual basis, and the other basis of accounting, and more.
Upon successful completion of Preparing Tax Basis Financial Statements, the user should be able to:
identify the scope of tax basis financial statements;
recognize advantages of using the tax basis;
recall the key differences between the tax basis and GAAP;
determine tax basis disclosures;
recognize tax basis reports;
identify the elements to converting to tax basis financial statements;
recognize unusual practice issues related to tax basis financial statements; and
recall other special purpose frameworks.