GAAP: Comprehensive Guide
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This course covers a variety of issues related to GAAP, including the unusual reporting and disclosure
issues that develop in practice, such as how to disclose life insurance, leases, catastrophes, and taxbasis
financial statements. Most of the course is in a Q&A format. Prerequisites: General understanding
of GAAP and tax-basis financial statements. |
Course Info:
- Course #: 2005I
- Delivery: Self-Study
- CPE Hours: 16
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Accounting
- Total Pages: 406
- Questions: 80
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Course Objectives
- To recall the accounting treatment for non-monetary exchanges
- To recognize the formula for measuring an impairment of real estate
- To identify the accounting for different types of investments such as securities, investments
using the equity method, and partnerships
- To recognize some of the disclosures required for trade receivables
- To recognize how FIFO inventory is valued under the new inventory rules
- To recall certain inventoriable costs
- To recall the GAAP rules to account for an intangible asset with a finite useful life
- To identify the accounting for environmental contamination costs
- To identify examples of costs associated with exit activities
- To recognize how an entity should account for revenue when treated as an agent
- To identify options to avoid having to maintain two depreciation schedules
- To recognize how to account for certain transactions on the statement of cash flows
- To identify examples of group concentrations
- To recognize some of the results from the net operating loss rules in tax reform
- To identify the basic accounting for fresh start reporting
- To identify how web development costs are accounted for during certain stages of
development
- To recognize when an entity may elect the fair value option and identify some of the
eligible items for which the option is available
- To recognize the basic rule for the liquidation basis of accounting
- To recognize how to account for the Pass-Through Entity (PTE) tax in financial statements
- To recognize some of the M-1 differences that do not apply to tax-basis financial statements
- To recognize how to account for an accounting change in tax-basis financial statements
- To recall how to account for and present nontaxable and nondeductible items in tax-basis
financial statements
- To identify the disclosure requirements for tax-basis financial statements
- To recognize the appropriate and inappropriate financial statement titles for tax-basis
financial statements
Table of Contents
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