Impact of the Tax Cuts and Jobs Act on GAAP and Financial Reporting

Overview

The objective of this course is to inform the reader of impacts on GAAP and financial reporting from changes made by the Tax Cuts and Jobs Act.

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, 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 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
  • 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
  • recall when an entity is required to disclose the tax years open for examination

Designed For

CPAs, EAs, and other tax professionals
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