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, accounting services and ethics guidance issued by standard setters over the past few years. The course will also focus on the unique income tax reporting implications of recently issued accounting standards, such as revenue recognition (ASC 606) and leases (ASC 842). The course then discusses the preparation of tax-basis financial statements.
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.
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
Major Topics
- 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
