Tax Reform: TCJA Impacts on GAAP and Financial Reporting

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Accounting
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  • Author/Speaker: Steven Fustolo
Available Formats:   
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: Basic understanding of U.S. GAAP
Course ID: SF-302
Published Date: © April 2020
COURSE DESCRIPTION

The objective of this course is to inform the reader of the 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
  • 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. 

Learning Objectives:

After reading the course material, you will be able to:

  • 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 

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA