Tax-Basis Financial Statements and Other Special Purpose Framework

Author: Steven C. Fustolo, CPA

Electronic version only

• Get a 301-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 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
• Recognize whether supplementary information is part of the financial statements
• Identify titles that are appropriate and not appropriate for tax-basis financial statements
• Identify categories of disclosures that should be included in tax-basis financial statements
• Recognize elements that are and are not relevant to tax-basis financial statements in preparing a summary of significant accounting policies

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

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Spidell Publishing, LLC 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 (800) 277-2257. Prerequisite: General understanding of U.S. GAAP, compilation and review and auditing standards, and federal income taxation is required.