Designed for all tax practitioners, including those who prepare tax-basis financial statements for their clients, this course will replenish your accounting and reporting tank with an update of recent standard-setting activities at the FASB and AICPA. To start, the course will review the ASC 740 implications of the CARES Act and discuss other financial accounting implications due to the COVID-19 pandemic. The course will focus on recently issued updates by the FASB, including the new revenue recognition, lease, and financial instruments and other significant new accounting standards, concentrating on how these new Updates will impact income tax accounting. We will also review lessons learned from the adoption of Topic 606 and focus on maintenance efforts in following the new revenue guidance, including the continuing income tax effects of the new standard. The course will also discuss recently issued standards and review the recent activity of the AICPA, which would impact tax practitioners.
The course will also review recent FASB updates that impact income tax accounting for stock-based compensation and the presentation of deferred taxes on the balance sheet, as well as review the format of tax-basis financial statements and provide an update on recently issued and proposed FASB changes to income tax accounting and disclosures. Additionally, the course will review recent activities of other standard setters, with a focus on how the new guidance will impact tax practitioners.
The course will focus on any changes to common book-tax temporary differences which will result from applying this new guidance and will utilize plenty of hands-on examples and illustrations to increase your overall understanding and application of the material. For tax practitioners, this is the one place to go in order to get up to date on what is going on in the world of financial reporting.
- ASC 740 considerations related to the CARES Act
- Recent standard setting and consulting activities at the FASB
- Proposed updates to income tax accounting and financial statement disclosures
- Tax basis financial statements
- Recently issued Statements on Auditing Standards and other audit related hot topics
- SSARS No. 21, Clarification and Recodification, and other recently issued and proposed SSARS
- Come up-to-speed on recent standard setting activities at the FASB and the AICPA
- Determine the income tax accounting impact of recently issued and proposed FASB ASUs
- Be aware of auditing trends on the radar
- Understand and apply the SSARS No. 21, Clarification and Recodification, relating to the preparation of financial statements and new guidance on compilations and reviews
All tax practitioners desiring to remain up-to-date on recent accounting, reporting, and compilation and review activities
Experience in financial accounting and reporting