Tax-Basis Financial Statements and Other Special Purpose Framework

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Tax-Basis Financial Statements and Other Special Purpose Framework

Author: Steven C. Fustolo, CPA

Electronic version only


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).

With this 10-hour course you will:

  • Get a 298-page PDF manual
  • Identify an accounting standard that exempts non-public entities from its application
  • Recall a disadvantage of the AICPA’s Financial Reporting Framework for SMEs
  • Recognize the type of criteria on which the other basis of accounting is based
  • Recall whether a one-member LLC is permitted to issue tax-basis financial statements
  • Identify the best use for tax-basis accrual financial statements
  • Recognize an example of a permanent difference
  • Recall an example of a GAAP disclosure that can be eliminated by using tax-basis financial statements
  • Identify a situation in which tax-basis financial statements might be misleading
  • Recall ways in which nontaxable revenues and nondeductible expenses can be presented in tax-basis financial statements
  • Recognize which type of exchange of assets no longer qualifies for like-kind treatment in tax-basis financial statements
  • Recall how to account for the installment sales method under GAAP as compared with tax-basis financial statements
  • Recognize how an entity accounts for a change in accounting method in the tax-basis of accounting
Designation CPE Hours
CPA 5 Accounting and 5 Auditing

Course level: Overview
General understanding of U.S. GAAP, compilation and review and auditing standards, and federal income taxation is required.

Want to order by phone? Call us at: (714) 776-7850


Spidell Publishing, 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 the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 10 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Accounting and Auditing. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. Prerequisite: General understanding of U.S. GAAP, compilation and review and auditing standards, and federal income taxation is required.

Spidell Hours

CPA
Acctng 5
Auditing 5

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