The Impact of the Tax Cuts and Jobs Act on GAAP and Financial Reporting
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.

Course Publication Date: April 24, 2018

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $20.00!

Author:Steven Fustolo
Course No:ACT-TCJA-6128
Recommended CPE:2.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:Basic understanding of U.S. GAAP
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Add To Your Cart

Ready to take a course?

  • Includes all self study courses
  • Earn as many CPE credit as you need
  • 100% Guaranteed
Buy Self Study Membership

Learning Objectives
  • 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.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

 (466ms)
CPE-WEB02 54.166.133.84 url(WWW.CPEDEPOT.COM)-domain(WWW.CPEDEPOT.COM)-anon

Search Courses

Group Plan

Group plans are convenient and cost effective!

Authors Wanted

We are looking for authors!