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. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.
PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.