Impact on Tax Cuts & Jobs Act on GAAP & Fin. Reporting

Price: $19.99

CPE Credits: 2.0

Category:

Course Number: AATXJASF

accounting for tax reform

Description:
The objective of this course is to inform the reader of impacts the changes made by the Tax Cuts and Jobs Act have on GAAP and financial reporting. Topics include an analysis of adjustments required to be made to deferred income tax assets and liabilities, including those assets related to net operating losses,  newly issued ASU 2018-02 related to the tax effect of accumulated other comprehensive income,  accounting for the change from an S to a C corporation,  impact of the elimination of like-kind exchanges,  GAAP accounting for bonus and Section 179 depreciation, new limitations on interest deduction, SEC SAB 118 transition rules,  presenting the tax benefit of an NOL carryover, and more. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of  US GAAP

Advanced Preparation: None

Author: Steven C. Fustolo, CPA

Publication: March 2018

Format: PDF

Pages: 84

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income.
  • Recall when an entity is required to disclose the tax years open for examination

Description:
The objective of this course is to inform the reader of impacts the changes made by the Tax Cuts and Jobs Act have on GAAP and financial reporting. Topics include an analysis of adjustments required to be made to deferred income tax assets and liabilities, including those assets related to net operating losses,  newly issued ASU 2018-02 related to the tax effect of accumulated other comprehensive income,  accounting for the change from an S to a C corporation,  impact of the elimination of like-kind exchanges,  GAAP accounting for bonus and Section 179 depreciation, new limitations on interest deduction, SEC SAB 118 transition rules,  presenting the tax benefit of an NOL carryover, and more. Table of Contents

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of  US GAAP

Advanced Preparation: None

Author: Steven C. Fustolo, CPA

Publication: March 2018

Format: PDF

Pages: 84

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income.
  • Recall when an entity is required to disclose the tax years open for examination
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