Tax-Basis Financial Statements and Other Special Purpose Frameworks#314224

Course Description

Course publication/revision date: This course was updated on 4/10/24.

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).

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), the Pass-Through Entity (PTE) tax, and leases.