This course approaches financial statement preparation and review from a tax practitioner's perspective. Often tax motivated clients have different needs concerning financial statements. Topics in the program are:
Learning Objectives
• Identify differences between U.S. GAAP requirements and the tax return
• Recognize problems in performance and documenting of preparations, compilations, and reviews
• Apply accounting standards and appropriate disclosure
• Be able to compare and contrast tax returns and tax basis financial statements
• Know US GAAP versus tax differences and disclosure requirements
• Tax and other special purpose financial statement frameworks
• Reporting requirements for SSARS engagements
• Recent changes to GAAP that affect closely held businesses
• Frequently encountered reporting and performance issues by tax practitioners
Major Topics
• SSARS review
• FASB Update
• SPF—measurement and reporting issues
• Preparation, compilation and review engagements
• Selected litigation issues and cases
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