This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments. Section II deals with how to disclose and present tax-basis financial statements.
Course Publication Date: August 07, 2016
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $160.00
|Delivery Method:||Self Study
|Level of Knowledge:||Overview
|Prerequisites:||General understanding of GAAP and income tax basis financial statements
|Recommended Field of Study:||Accounting
- Recall the accounting treatment for non-monetary exchanges.
- Recognize the formula for measuring an impairment of real estate.
- Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships.
- Recognize some of the disclosures required for trade receivables.
- Recall inventoriable costs.
- Recall the GAAP rules to account for an intangible asset with a finite useful life.
- Identify the GAAP treatment for endorsement split dollar arrangements.
- Identify the accounting for environmental contamination costs.
- Identify examples of costs associated with exit activities.
- Recognize the accounting and classification of shipping and handling costs.
- Recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor.
- Identify options to avoid having to maintain two depreciation schedules.
- Recall how to account for certain lease arrangements including those involving subleases.
- Recognize how to account for certain transactions on the statement of cash flows.
- Identify examples of group concentrations.
- Identify the basic accounting for fresh start reporting.
- Identify how web development costs are accounted for during certain stages of development.
- Recognize when an entity may elect the fair value option and identify the eligible items for which the option is available.
- Recognize some of the M-1 differences that do not apply to tax-basis financial statements.
- Recognize how to account for an accounting change in tax-basis financial statements.
- Recall how to account for and present nontaxable and nondeductible items in tax-basis financial statements.
- Identify the disclosure requirements for tax-basis financial statements.
- Recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements.