Tax Cuts and Jobs Act - Impact on Accounting 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, the 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, the impact of the elimination of like-kind exchanges, GAAP accounting for bonus and Section 179 depreciation, new limitations on the interest deduction, SEC SAB 118 transition rules, presenting the tax benefit of an NOL carryover, and more.
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