Financial Reporting Update for Tax Practitioners (AAUP)

Overview

Tax advisors will be updated on the most recently enacted legislation and IRS guidance as well as updates of recent standard-setting activities at the FASB and AICPA. To start, the course will review the significant tax, 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 leases (ASC 842) and credit losses (ASC 326). 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.

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

Learning Objectives:

• Recall recent legislation with income tax implications
• Recognize recently issued Accounting Standards Updates (ASUs)
• Understand updates to ASC 842 and ASC 326
• Identify financial statement presentation and disclosure requirements under ASC 740
• Remember significant standards issued by the AICPA