GAAP – Tax-Basis Q&A – 2024 (Item 33 and 33-E)
This course covers a variety of issues related to GAAP including the unusual reporting and disclosure issues that develop in practice such as how to disclose life insurance, leases, catastrophes, and tax-basis financial statements. Most of the course is in a Q&A format.

Course Publication Date: March 13, 2024

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $160.00!

Author:Steven Fustolo
Course No:ACT-GAAP-6044
Recommended CPE:16.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:General understanding of U.S. GAAP
Advanced Preparation:None
Recommended Field of Study:Accounting
Learning Objectives
  • 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 the types of information that should be used in computing the allowance account for trade receivables.
  • Recognize how FIFO inventory is valued under the inventory rules.
  • Recall certain inventoriable costs.
  • Recall the GAAP rules to account for an intangible asset with a finite useful life.
  • Identify the accounting for environmental contamination costs.
  • Identify examples of costs associated with exit activities.
  • Recognize how an entity should account for revenue when treated as an agent.
  • Identify options to avoid having to maintain two depreciation schedules.
  • Recognize how to account for certain transactions on the statement of cash flows.
  • Identify examples of group concentrations.
  • Recognize some of the results from the net operating loss rules in tax reform.
  • 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 some of the eligible items for which the option is available.
  • Recognize the basic rule for the liquidation basis of accounting.
  • Understand How to account for the Pass-Through Entity (PTE) tax in financial statements.
  • 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.

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:

Sponsor Number: 109423


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