• Course Information
    4.5 (456)

    Title: Tax-Basis Financial Statements and Other Special Purpose Frameworks
    Category: Accounting and Auditing
    Field of Study: Accounting
    Course Code: A022-0262
    CPE Credits: 10.0
    Price: $69.95


The objective of this course is to discuss the general rules and applications used in the preparation of and reporting on tax-basis financial statements and other bases of accounting found within the special purpose frameworks (also referred to as other comprehensive bases of accounting).

Updated for changes made by the Tax Cuts and Jobs Act, the CARES Act, and the Consolidated Appropriations Act, topics include an overview of the types of special purpose frameworks, advantages and disadvantages of using tax-basis financial statements, tax-basis accrual versus cash basis, reviewing the key differences between GAAP and tax-basis revenue and expenses and other differences, tax-basis disclosures, reporting options for tax-basis financial statements, unusual reporting and presentation issues related to tax-basis financial statements, an overview of other types of special purpose frameworks including pure cash basis, modified cash basis, regulatory basis, contractual basis, and the other basis of accounting, and more.

The course also addresses the presentation and disclosures for PPP loans, Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) tax.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 05/02/2022

Technical Details: Accounting: Technical

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Chapter 1 - Overview
1. Identify an accounting standard that exempts non-public entities from its application
2. Recall a disadvantage of the AICPA's Financial Reporting Framework for SMEs

Chapter 2 - Scope of Tax-Basis Financial Statements
1. Recognize the type of criteria on which the other basis of accounting is based
2. Recall whether a one-member LLC is permitted to issue tax-basis financial statements

Chapter 3 - Advantages and Disadvantages of Tax-Basis
1. Identify the best use for tax-basis accrual financial statements
2. Recognize an example of a permanent difference
3. Recall an example of a GAAP disclosure that can be eliminated by using tax-basis financial statements
4. Identify a situation in which tax-basis financial statements might be misleading

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QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA, CMA

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