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Financial Reporting Update for Tax Practitioners (AAUP)

  • Format Self-Study Download
  • Credits 8
  • Level Update
  • Field of Study Accounting (Technical) (5), Auditing (Technical) (3)

Overview

Designed for all tax practitioners, including those who just prepare returns and those who assist on financial statement engagements, 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 significant new financial accounting, auditing, and accounting services guidance issued over the past few years. The course will also focus on any unique income tax reporting (ASC 740) implications of recently issued accounting standards, such as revenue recognition (ASC 606) and leases (ASC 842) and those of COVID-19 stimulus and other tax-related legislation. The course will also discuss recently issued standards and review the recent activity of the AICPA with a focus on how the new standards will impact tax practitioners. Lastly, the course will dive into the unique income tax accounting considerations which arise from certain types of transactions, such as stock-based compensation, and review the presentation and disclosure requirements of ASC 740.



Major Topics:

  • 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

Learning Objectives:

  • 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

Who should take this course:

All tax practitioners desiring to remain up-to-date on recent accounting, reporting, and compilation and review activities

Experience in financial accounting and reporting

None

No

No

No

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