The Impact of the TCJA 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.
With this two-hour course, you will:
- 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
Course level: Overview
Basic understanding of U.S. GAAP is required.
- 2 hours of CPE for one attendee
- Access to recording to watch at your convenience
- PDFs of reference manual and PowerPoint slides
- Add CPE for only $20 per additional attendee. Please contact our customer service department to register for additional CPE at (714) 776-7850.
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Stanley Pollock, CPA
Stan has taught continuing education courses to practitioners throughout the country on a regular basis for over 10 years. Stan has been a regular guest on a northern California radio talk show discussing taxes and has previously taught accounting courses in junior colleges in southern California.
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 course is designed to meet the requirements for 2 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Accounting. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. Basic understanding of U.S. GAAP is required.