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Each course in our Total Access CPE* Library is written by industry experts and provides CPAs with the information necessary to meet state requirements and stay current in their field.
- Number of courses offered: 39
- Total credit hours available: 78
Accounting - General
Background and Overview of IFRS
Recommended CPE Credit: 1
Program Level: Basic
CPE Field of Study: Accounting - General
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: This course provides a study of the background of the International Financial Reporting Standards (IFRS). In addition, it provides an overview of the current state of the United States’ adoption of the IFRS as its domestic financial reporting language.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Accounting - General
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: This course provides a study of the background of the International Financial Reporting Standards (IFRS). In addition, it provides an overview of the current state of the United States’ adoption of the IFRS as its domestic financial reporting language.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Understand the evolution of IFRS by:
- Defining the work of the International Accounting Standards Committee
- Identifying the organizational components of the International Accounting Standards Committee Foundation
- Defining the work of the International Accounting Standards Board
- Describe the current state of U.S. adoption of IFRS.
- Identify an implication of the adoption of IFRS
Business Combinations and Intangible Assets
This program is eligible for 2 CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least two financial accounting courses (introductory and intermediate) completed. Participants should have a good understanding of how to record financial statement transactions and a fairly detailed knowledge of the balance sheet items.
Advanced Preparation: None
Delivery Method: Self-study
Description: Federal tax rules connected with business combinations, goodwill and intangible assets, and SFAS 141, SFAS 141R, and SFAS 142 pronouncements.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Contrast the two main methods of accounting for business combinations and identify the only currently acceptable method under US GAAP.
- Record the journal entry to account for an acquisition transaction under the purchase method.
- Calculate net assets, goodwill, and paid-in capital under the purchase method, using the appropriate values.
- Discuss the various methods of accounting for expenditures related to an acquisition.
- Describe how to identify the acquiring company in an acquisition transaction using all of the pertinent facts available.
- Discuss in detail how to determine the fair values of assets, liabilities, and intangible assets.
- Discuss how to account for contingent consideration, bargain purchases, and extraordinary gains (all within an acquisition transaction).
- Describe the required financial statement disclosures relating to an acquisition.
- Discuss how to recognize an identifiable intangible asset and how to account for such assets with definite and indefinite lives (including any provisions for impairment, if applicable).
- Describe how to measure goodwill and perform a goodwill impairment test based on reporting units.
- Identify the disclosures required for intangible assets.
GAAP Fundamentals
This program is eligible for 3 CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: GAAP’s vital purpose and framework, and financial statement package, including disclosures.
Learning Objectives:
Upon completion of this course, participants will be able to:
- List the factors that affect both the business environment and financial reporting.
- Describe some improper ways to "dress-up" the financial statements.
- Define and briefly describe “generally accepted accounting principles” (GAAP).
- In determining and implementing GAAP, describe the roles of the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), and the Governmental Accounting Standards Board (GASB).
- Describe the three objectives (purposes) of financial reporting and the primary and secondary qualities or characteristics that make financial information useful for decision making.
- Describe the principles, assumptions, and constraints relating to the recognition and measurement criteria for elements of financial statements and list the ten basic elements used to measure the activity and performance of an enterprise.
- Describe the purpose, elements, and formats of the income statement.
- Describe the purpose and three major categories (assets, liabilities, and stockholders’ equity) of the balance sheet.
- Describe the purpose and three major categories (operating, investing, and financing) of the statement of cash flows.
- Describe the purpose of the statement of shareholders’ equity and describe its five major components (common shares, preferred shares, retained earnings, treasury stock, and comprehensive income).
- Identify the purpose of financial statement disclosures and discuss the various disclosure techniques available to support or explain the amounts provided by the financial statements.
- Discuss the alternatives in accounting for contingencies and list some examples of loss contingencies.
- Describe the two types of subsequent events.
- Discuss the four major groups of disclosures regarding significant risks and uncertainties.
- List some examples of information that would be disclosed about an entity’s capital structure.
- Describe the purpose of segment reporting.
- Discuss the criteria used to determine an operating/reportable segment and list the related disclosure requirements.
GASB 34 – Reporting Requirements for State & Local Governments
Recommended CPE Credit: 1.5
Program Level: Intermediate
CPE Field of Study: Accounting (Governmental)
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of GASB Statement No. 34.
Advanced Preparation: None
Delivery Method: Self-study
Description: Preparing governmental financial statements in fund accounting and government-wide accrual basis format, along with MD&A inclusion, per GASB 34.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Accounting (Governmental)
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of GASB Statement No. 34.
Advanced Preparation: None
Delivery Method: Self-study
Description: Preparing governmental financial statements in fund accounting and government-wide accrual basis format, along with MD&A inclusion, per GASB 34.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify how GASB 34 changes the reporting requirements for government entities.
- Identify the required government-wide financial statements and their formats.
- Identify the adjustments required to convert government funds from a modified accrual to an accrual basis of accounting.
- Describe the supplemental information required including the management’s discussion and analysis (MD&A).
- Identify the characteristics of a major fund and the related reporting requirements.
Pension Accounting
This program is eligible for 4 CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory and one intermediate financial accounting course. Participants should have a solid understanding of financial statements as well as how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: Accounting for pensions and other post-retirement benefit plans under SFAS 87, 88, 106, and 158.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the basic accounting issues related to defined contribution and defined benefit pension plans.
- Discuss the problems with the extensive use of estimates associated with defined benefit plans.
- Discuss the general types of analysis that may be performed regarding accumulated benefit obligation (ABO) and projected benefit obligation (PBO) within the framework of pension accounting.
- Discuss the various elements involved in calculating the beginning fair value of plan assets and the ending fair value of plan assets.
- Describe all of the items comprising net pension cost (on the income statement).
- Discuss the income statement treatment of unrecognized gains/losses, prior service costs, and transition obligations/assets for financial accounting purposes.
- Describe how the amounts recorded as pension liabilities/assets on the financial statements are calculated using the new provisions of SFAS 158.
- Describe the concept of a “pool of gains and losses” and how they are accounted for and discuss the thresholds regarding such a pool and the related effects on pension expense.
- Calculate net pension cost and prepare all of the relevant journal entries.
- Describe the steps involved in recording the year-to-year adjustments to the pension liabilities/assets on the balance sheet using the new provisions of SFAS 158 and calculate the amounts and prepare the relevant journal entries.
- List and briefly discuss the specific disclosures that are required for pension plans under SFAS 132 and SFAS 158.
- Distinguish between a settlement and a curtailment of a pension plan and discuss the “updating” process prior to a settlement/curtailment.
- Discuss the general points regarding termination benefits.
- Describe the process of accounting for settlements and calculate any relevant gains/losses on settlement and prepare the corresponding journal entries.
- Describe the process of accounting for curtailments and calculate any relevant gains/losses on curtailments and prepare the corresponding journal entries.
- Discuss the basic features in accounting for post-retirement benefits other than pensions.
- Calculate net periodic OPEB cost and prepare all of the relevant journal entries.
- Within the framework of post-employment benefits, discuss the accounting for and calculate negative prior service cost (including the amortization of negative prior service cost).
- List and briefly discuss the disclosures that must be made with regards to postretirement benefits.
Audit
A Guide to Audit Committees
Recommended CPE Credit: 1.5
Program Level: Basic
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with at least one basic accounting or finance course and one basic business law course. Participants should have a basic understanding of finance and accounting.
Advanced Preparation: None
Delivery Method: Self-study
Description: Responsibilities and requirements of public company audit committees, including Sarbanes-Oxley Act of 2002 implications.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with at least one basic accounting or finance course and one basic business law course. Participants should have a basic understanding of finance and accounting.
Advanced Preparation: None
Delivery Method: Self-study
Description: Responsibilities and requirements of public company audit committees, including Sarbanes-Oxley Act of 2002 implications.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the duties and responsibilities of the audit committee as defined by the Sarbanes-Oxley Act of 2002 and the SEC Rules.
- Identify the requirements for creating an audit committee as identified by the NASDAQ Marketplace Rules, the NYSE Rules, and the SEC Rules.
- Describe the required qualifications of audit committee members.
- Define independence as it relates to a member of the audit committee.
- Identify allowed compensation for audit committee members.
- Identify the types of meetings convened by the audit committee and describe the purpose of each type of meeting.
- Describe the disclosures required in the audit committee report issued in the company’s annual proxy statement.
A Guide to the Sarbanes-Oxley Act of 2002
This program is eligible for 1 CE credit hour, inclusive of 1 Standards, Ethics, and Regulatory (SER) credit hour, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
Program Level: Intermediate
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with some basic accounting course work and exposure to corporate business concepts. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of the Sarbanes-Oxley Act of 2002.
Advanced Preparation: None
Delivery Method: Self-study
Description: Explanation of Sarbanes-Oxley Act of 2002 from the perspective of corporate officers, directors, and outside auditors and requirements for Act compliance.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the intended purpose and requirements of the Act.
- Describe the background to the adoption of the Act.
- Identify the personal and career risks of violating provisions of the Act.
- Identify situations and procedures that signal potential violations.
- Identify the certifications required of public companies by the Act.
- Identify the new requirements for independence for the auditors of a public company.
Audit and Planning Under SAS 99: Fraud
Recommended CPE Credit: 4
Program Level: Intermediate
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with at least one auditing course. Participants should have a basic understanding of accounting and auditing.
Advanced Preparation: None
Delivery Method: Self-study
Description: Audit planning and assessment process in fraud audit, audit steps and procedures, fraud schemes, auditor liability issues, and latest ACFE report on occupational fraud.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with at least one auditing course. Participants should have a basic understanding of accounting and auditing.
Advanced Preparation: None
Delivery Method: Self-study
Description: Audit planning and assessment process in fraud audit, audit steps and procedures, fraud schemes, auditor liability issues, and latest ACFE report on occupational fraud.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Explain the audit environment prior to the implementation of SAS 99.
- Describe the implications of SAS 55, SAS 109, SAS 110, and SAS 82 upon the audit environment.
- Describe different types of “client bias” and indicate the impact of each upon an audit.
- Define fraud.
- Identify the demographics of those committing fraud.
- Define the fraud triangle and discuss its impact on an audit.
- Define the “expectations gap” and discuss what impact SAS 99 has on this gap.
- Differentiate between a GAAS audit and a fraud examination.
- Explain what it means to exercise professional skepticism.
- Describe the requirements of SAS 99 related to brainstorming, planning, and fieldwork.
- Describe the requirements of SAS 99 related to the auditor’s responsibility for reporting fraud to management, the audit committee, or those outside the organization.
- Name and describe the different types of fraud schemes being perpetrated by members of management and by employees.
- Identify the warning signs of fraud schemes.
- Describe the appropriate statements to be included in the audit engagement letter delineating the responsibilities of both management and the auditor concerning fraud as required by SAS 99.
- Describe the appropriate statements to be included in the management representation letter concerning management’s assertions related to fraud as required by SAS 99.
- Describe the application of SAS 99 as it relates to review and compilation engagements.
Audit Evidence
Recommended CPE Credit: 1.5
Program Level: Basic
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with at least one auditing course. Participants should have a basic understanding of accounting and auditing.
Advanced Preparation: None
Delivery Method: Self-study
Description: Auditor’s guidance in gathering sufficient audit evidence to substantiate validity of management assertions, including sampling procedures.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Auditing
Prerequisites: Undergraduate business degree with at least one auditing course. Participants should have a basic understanding of accounting and auditing.
Advanced Preparation: None
Delivery Method: Self-study
Description: Auditor’s guidance in gathering sufficient audit evidence to substantiate validity of management assertions, including sampling procedures.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the relationship between management’s assertions and audit evidence.
- Describe why auditors often must rely on evidence that is persuasive rather than convincing.
- Identify the most reliable sources for obtaining audit evidence and describe why quantity and quality of audit evidence is important.
- Identify the tasks involved in obtaining audit evidence.
- Describe the importance of testing and evaluating internal controls.
- Differentiate between the testing of internal controls and substantive procedures.
- Describe the need to identify related party transactions and the procedures used.
- Describe the need to consult specialists when gathering audit evidence.
- Identify analytical review procedures and describe the importance of their role in performing an audit.
- Describe the importance of audit sampling.
- Describe how to design and evaluate an audit sample.
- Identify the types of audit risk which exist when performing an audit.
Ethics
Ethics and Professional Responsibilities for CPAs in Tax Practice
Recommended CPE Credit: 4
Program Level: Basic
CPE Field of Study: Behavioral Ethics
Prerequisites: Undergraduate business degree with an emphasis in accounting. Participants should have a basic understanding of taxation.
Advanced Preparation: None
Delivery Method: Self-study
Description: Code of Professional Conduct, Circular 230 requirements, Statements on Standards for Tax Services, tax return preparer penalties, audits, appeals, and claims.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Behavioral Ethics
Prerequisites: Undergraduate business degree with an emphasis in accounting. Participants should have a basic understanding of taxation.
Advanced Preparation: None
Delivery Method: Self-study
Description: Code of Professional Conduct, Circular 230 requirements, Statements on Standards for Tax Services, tax return preparer penalties, audits, appeals, and claims.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the ethical foundation of the Code of Professional Conduct for CPAs in tax practice.
- Identify the Treasury Department Circular 230 rules governing CPAs in tax practice including the duties and restrictions.
- Define what is meant by “Practice before the IRS.”
- Describe how to obtain authorization to receive a client’s confidential tax information from the IRS and how to obtain authorization to represent a taxpayer before the IRS.
- Define SRTPs and SSTSs.
- Discuss the origin of SRTPs and SSTS and name the governing body which issues them.
- Identify the eight SSTS and two Interpretations.
- Describe the situations which may give rise to imposition of penalties against tax preparers.
- Define the communication privilege between a tax practitioner and a taxpayer in terms of “tax advice.”
- Explain why the communication privilege does not extend to general business or accounting advice or to information or documents that will be provided to third parties such as the SEC or the IRS and that it may only be asserted in noncriminal tax matters.
- Describe the general rules and procedures that the IRS follows in examinations.
- Identify how most tax returns are generally selected for examination and identify the computer program used.
- Identify the mediation services available to help taxpayers resolve disputes with the IRS and how mediation services differ from the appeals process.
- Describe the difference between tax deposits and tax payments.
- Describe the IRS appeals process and identify when a taxpayer may be eligible to take his or her case to court.
- Describe the circumstances under which a taxpayer may be able to recover reasonable litigation and/or administrative costs of defending his or her position to the IRS or in the courts.
- Identify the time period available to the taxpayer for filing a claim for credit or refund.
SFAS - Statements Of Financial Accounting Standards
SFAS 109 – Accounting for Income Taxes
Recommended CPE Credit: 2.5
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Temporary vs. permanent differences in reported income, reconciling book and taxable income, calculating income tax expense, deferred taxes.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Temporary vs. permanent differences in reported income, reconciling book and taxable income, calculating income tax expense, deferred taxes.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the GAAP disclosure requirements related to accounting for income taxes.
- Describe the concept of interperiod allocation as it applies to deferred taxes.
- Identify what a temporary difference is and its impact on income tax accounting.
- Identify what a permanent difference is and its impact on income tax accounting.
- Describe the background that led to the adoption of SFAS 109.
- Identify the reconciliation process between book and taxable income.
- Identify the balance sheet approach in accounting for income taxes.
- Describe how a tax rate change impacts accounting for income taxes.
- Describe how to calculate and report income tax expense on the financial statements.
- Describe the presentation of deferred tax assets and/or liabilities on the balance sheet.
- Identify when a valuation allowance is needed and how it should be computed.
- Describe the impact of a net operating loss on the income tax accounting.
- Describe the impact of graduated tax rates on the accounting for income taxes.
SFAS 114 – Accounting for Impaired Loans and Troubled Debt Restructurings
Recommended CPE Credit: 1.5
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Calculating impairment losses, income recognition on debt related issues, restructuring troubled debt, GAAP disclosure requirements for the debtor and creditor.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Calculating impairment losses, income recognition on debt related issues, restructuring troubled debt, GAAP disclosure requirements for the debtor and creditor.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the GAAP disclosure requirements for a debtor and a creditor involved in a troubled debt restructuring.
- Identify when a loan is considered to be impaired.
- Describe how an impairment loss on a loan should be measured.
- Identify the various methods of interest income recognition on debt related issues.
- Describe the ways that a debt can be modified in a troubled debt restructuring situation.
- Identify how to account for gains and losses on restructured troubled debt.
- Identify the loans that are covered by the provisions of SFAS 114.
- Describe how an asset valuation account works in an impaired loan situation.
SFAS 115 – Investments in Debt and Equity Securities
Recommended CPE Credit: 1.5
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of SFAS 115, “Accounting for Certain Investments in Debt and Equity Securities.”
Advanced Preparation: None
Delivery Method: Self-study
Description: Reporting investments that are not accounted for under the equity method, held-to-maturity vs. trading vs. available-for-sale securities and accounting for transfers between these classifications, impairment in the value of debt and equity securities.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of SFAS 115, “Accounting for Certain Investments in Debt and Equity Securities.”
Advanced Preparation: None
Delivery Method: Self-study
Description: Reporting investments that are not accounted for under the equity method, held-to-maturity vs. trading vs. available-for-sale securities and accounting for transfers between these classifications, impairment in the value of debt and equity securities.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the problems that existed in the area prior to the issuance of SFAS 115.
- Describe how to classify, measure, and report investments that are not accounted for under the equity method.
- Identify the disclosures required by SFAS 115 related to investments in debt and equity securities.
- Describe how to account for investments that are transferred between categories.
- Identify which types of investments are not covered by SFAS 115.
- Describe how to account for “available-for-sale” securities that have incurred a decline in value that is considered permanent.
- Identify how to classify and value investments in debt and equity securities.
- Identify when debt securities should be classified as “held-to-maturity.”
SFAS 123(R): Accounting for Share-Based Compensation
Recommended CPE Credit: 2
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory course in financial accounting. Participants should have a fundamental understanding of financial statements and how to account for basic items on the balance sheet and income statement. A working knowledge of deferred taxes would also be helpful.
Advanced Preparation: None
Delivery Method: Self-study
Description: Using option pricing models in estimating compensation costs, accounting for the options component of compensation costs, Accounting for stock appreciation rights (SAR).
Learning Objectives:
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory course in financial accounting. Participants should have a fundamental understanding of financial statements and how to account for basic items on the balance sheet and income statement. A working knowledge of deferred taxes would also be helpful.
Advanced Preparation: None
Delivery Method: Self-study
Description: Using option pricing models in estimating compensation costs, accounting for the options component of compensation costs, Accounting for stock appreciation rights (SAR).
Learning Objectives:
Upon completion of this course, participants will be able to:
- Discuss the basic provisions of SFAS 123.
- Describe the basic attributes of the six assumptions used in determining the fair value of a stock option, namely option exercise price, expected life of the option, current price of the underlying stock, expected volatility of the stock, expected dividends on the stock, and the risk-free interest rate.
- Discuss the key concept that the total compensation established on the grant date is recognized over the service period, and only revised for forfeiture of options. Describe the accounting entries required in recording such amounts.
- Discuss the key concept that the final measure of compensation cost is based on the amount estimated at grant date for the condition or outcome that is actually satisfied. Describe the accounting entries required in recording such amounts.
- Describe the basic nature of stock appreciation rights (SAR).
- Describe the accounting entries required for recording SAR.
- Discuss the deferred tax implications of recording stock options.
- Describe the financial statement disclosures required for entities that have stock-based employee compensation arrangements.
SFAS 128 – Earnings per Share
Recommended CPE Credit: 2
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: Calculating basic and diluted earnings per share, use of the Treasury Stock method, inclusion of contingent shares, effects of discontinued operations and extraordinary items.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: Calculating basic and diluted earnings per share, use of the Treasury Stock method, inclusion of contingent shares, effects of discontinued operations and extraordinary items.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the two methods of calculating earnings per share (EPS) and discuss the appropriate uses of both.
- Calculate basic earnings per share (BEPS).
- Calculate diluted earnings per share (DEPS).
- Calculate EPS when events such as discontinued operations, extraordinary items, and/or cumulative effects occur.
- Calculate EPS to consider stock options using the treasury stock method.
- Calculate EPS to consider the inclusion of contingent shares.
- List the required financial statement disclosures regarding EPS.
SFAS 130 – Other Comprehensive Income
Recommended CPE Credit: 1
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: SFAS 130 requirements for reporting and disclosing comprehensive income, both for interim and annual purposes.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: SFAS 130 requirements for reporting and disclosing comprehensive income, both for interim and annual purposes.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define comprehensive income and state the purpose of reporting comprehensive income.
- Describe the three influences that will cause stockholders’ equity to change.
- Describe the basic aspects of other comprehensive income.
- Discuss the implications on other comprehensive income as a result of transactions involving available for sale securities, pension liabilities, foreign currency translations, cash flow hedges, and foreign currency hedges.
- List the three ways in which comprehensive income and its components must be reported.
- Describe how to report comprehensive income under the single-statement approach and under the two-statement approach.
- Describe the basic elements of accumulated other comprehensive income (AOCI).
- Compute comprehensive income using the net of tax approach and the before tax approach.
- Analyze the three methods in which the amounts for each component of AOCI may be reported.
SFAS 144 – Accounting for the Impairment or Disposal of Long-Lived Assets
Recommended CPE Credit: 1.5
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of SFAS 144, “Accounting for the Impairment and/or Disposal of Long-Lived Assets.”
Advanced Preparation: None
Delivery Method: Self-study
Description: Testing for, calculating and reporting impairment losses, accounting for assets classified as held-for-sale, required disclosures for impaired assets.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of SFAS 144, “Accounting for the Impairment and/or Disposal of Long-Lived Assets.”
Advanced Preparation: None
Delivery Method: Self-study
Description: Testing for, calculating and reporting impairment losses, accounting for assets classified as held-for-sale, required disclosures for impaired assets.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the problems that existed in the area prior to the issuance of SFAS 144.
- Describe how to account for long-lived assets.
- Identify when a long-term asset should be tested for impairment.
- Describe the calculation and reporting of impairment losses.
- Identify which assets are not covered by SFAS 144.
- Identify the criteria necessary for an asset to be classified as held-for-sale.
- Determine how to account for long-lived assets classified as held-for-sale.
- Identify what is considered a component of an entity and how to report a disposal.
- Identify the disclosures required for long-lived assets to be disposed of.
SFAS 52 – Foreign Currency Translation
Recommended CPE Credit: 1
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of “SFAS 52, Foreign Currency Translation.”
Advanced Preparation: None
Delivery Method: Self-study
Description: Calculating foreign currency transaction gains and losses, converting foreign currency financial statements to the US dollar, current and temporal methods of remeasurement, additional GAAP disclosures.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of “SFAS 52, Foreign Currency Translation.”
Advanced Preparation: None
Delivery Method: Self-study
Description: Calculating foreign currency transaction gains and losses, converting foreign currency financial statements to the US dollar, current and temporal methods of remeasurement, additional GAAP disclosures.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the GAAP disclosure requirements related to accounting for foreign transactions and operations.
- Describe how to account for imports, exports, and loans that are denominated in a foreign currency.
- Describe the calculation and reporting of transaction gains and losses.
- Describe how to translate financial statements into U.S. dollars.
- Describe how to remeasure financial statements into the functional currency.
- Describe the GAAP reporting for the gains and losses of remeasured and/or translated foreign currency denominated financial statements.
SFAS 95 – Statement of Cash Flows
Recommended CPE Credit: 2
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: Cash flow statement purpose and operating (both direct and indirect), investing and operating activities.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Accounting
Prerequisites: Undergraduate business degree with at least one introductory financial accounting course. Participants should have a basic understanding of financial statements, and how financial transactions are reported in financial statements.
Advanced Preparation: None
Delivery Method: Self-study
Description: Cash flow statement purpose and operating (both direct and indirect), investing and operating activities.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the purpose of a statement of cash flows.
- List and generally describe the three activity groups contained in a statement of cash flows.
- List the main sources of information for preparing the statement of cash flows.
- Describe the major steps involved in preparing a statement of cash flows.
- Define and provide common examples of cash equivalents.
- List common examples of items that would be classified in 1) operating activities, 2) investing activities, and 3) financing activities.
- List common examples of noncash activities that should be disclosed.
- Prepare a statement of cash flows using the direct method.
- Prepare a statement of cash flows using the indirect method.
- Discuss the three basic types of adjustments involved with the indirect method.
- Discuss the recording of specific transactions that affect cash flows from investing activities.
- Discuss the recording of specific transactions that affect cash flows from financing activities.
Taxation - Corporate
APB 28: Interim Reporting
Recommended CPE Credit: 1
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of APB 28, Interim Financial Reporting.
Advanced Preparation: None
Delivery Method: Self-study
Description: Interim reporting requirements, including accruals and differences compared with annual reporting.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some basic accounting course work. Participants should have a basic understanding of financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles. Prior to taking the course, participants should be familiar with the basic coverage of APB 28, Interim Financial Reporting.
Advanced Preparation: None
Delivery Method: Self-study
Description: Interim reporting requirements, including accruals and differences compared with annual reporting.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the need to implement interim reporting requirements.
- Calculate the cost of goods sold on an interim basis.
- Identify acceptable interim modifications from annual reporting practices.
- Describe interim treatment for inventory writedowns and LIFO liquidations.
- Report costs and expenses not associated with revenues.
- Report gains and losses not included in continuing operations.
- Describe how to estimate an effective tax rate for interim reporting purposes.
- Describe how to report a change in accounting method for interim reporting.
- Identify additional information required to be disclosed in interim reports.
Consolidations – Advanced
Recommended CPE Credit: 3
Program Level: Advanced
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with at least an intermediate level corporate taxation course. Participants should have a solid understanding of the concept of consolidated financial statements and knowledge of preparing single corporate tax returns in a Form 1120 context.
Advanced Preparation: None
Delivery Method: Self-study
Description: Taxation of corporations filing consolidated income tax returns, including loss disallowance rule, excess loss accounts, subsidiary tax basis, and stock dispositions.
Learning Objectives:
Program Level: Advanced
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with at least an intermediate level corporate taxation course. Participants should have a solid understanding of the concept of consolidated financial statements and knowledge of preparing single corporate tax returns in a Form 1120 context.
Advanced Preparation: None
Delivery Method: Self-study
Description: Taxation of corporations filing consolidated income tax returns, including loss disallowance rule, excess loss accounts, subsidiary tax basis, and stock dispositions.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Explain the consolidated returns law under Internal Revenue Code (IRC) Section 1502.
- Describe the tax benefits of using consolidated returns.
- Define the term “affiliated group.”
- Identify the implications of the Tax Reform Act of 1986 upon consolidated returns.
- State the usage of the “Son of Mirror” technique.
- Describe what is meant by an “artificial loss.”
- Explain the consolidation rules related to worthless stock.
- Explain how an Excess Loss Account (ELA) is formed and how it should be treated with regard to consolidated returns.
- Describe how stock dispositions and distributions impact the earnings and profits of corporations and consolidated groups.
- Identify the acquisition and disposition issues of affiliated corporations.
- Define the term “common parent.”
- List the various methods for allocating the tax liability of a consolidated group among its members.
- Determine the impact of deconsolidation upon the earnings and profits of a corporation.
- Describe the loss disallowance rules related to consolidated returns.
Consolidations – Intermediate
Recommended CPE Credit: 2
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with an introductory and intermediate level corporate taxation course. Participants should have a solid understanding of the concept of consolidated financial statements and familiarity with preparing single corporate tax returns in a Form 1120 context.
Advanced Preparation: None
Delivery Method: Self-study
Description: Net operating losses in a consolidated corporate environment, separate return limitation year and built-in loss requirements, and intercompany transaction rules.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with an introductory and intermediate level corporate taxation course. Participants should have a solid understanding of the concept of consolidated financial statements and familiarity with preparing single corporate tax returns in a Form 1120 context.
Advanced Preparation: None
Delivery Method: Self-study
Description: Net operating losses in a consolidated corporate environment, separate return limitation year and built-in loss requirements, and intercompany transaction rules.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define consolidations.
- Describe the advantages consolidations offer to members.
- List the types of corporations which cannot be part of an affiliated group.
- State the various limitations to a consolidated group’s ability to benefit from a NOL.
- Describe the Separate Return Limitation Year (SRLY) provisions.
- Describe the Section 382 limitations on NOLs.
- Define a loss group or subgroup.
- Identify the rules associated with built-in losses.
- Explain the effect of Section 384.
- Describe the various limitations to a consolidated group’s ability to benefit from built-in losses.
- Determine the function and need for Excess Loss Accounts (ELAs).
- Describe intercompany transactions.
- Define the matching and acceleration rules for intercompany transactions.
Consolidations – Introduction
Recommended CPE Credit: 3
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with one corporate taxation course. Participants should have a general understanding of the concept of consolidated financial statements and familiarity with preparing single corporate tax returns in a Form 1120 context.
Advanced Preparation: None
Delivery Method: Self-study
Description: Corporate consolidated tax return requirements, relevant accounting procedures, and income tax calculation.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with one corporate taxation course. Participants should have a general understanding of the concept of consolidated financial statements and familiarity with preparing single corporate tax returns in a Form 1120 context.
Advanced Preparation: None
Delivery Method: Self-study
Description: Corporate consolidated tax return requirements, relevant accounting procedures, and income tax calculation.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify and discuss the applicable Internal Revenue Code (IRC) sections for dealing with consolidated tax returns.
- Discuss the numerous requirements for corporations to become eligible for filing consolidated tax returns.
- Discuss some of the rules in determining which income items would appear on a consolidated tax return based on the facts provided.
- Discuss the process of how to calculate taxable income for a consolidated tax return.
- Identify and discuss the rules pertaining to intercompany transactions within a consolidated group.
- Discuss the rules pertaining to capital gains and the Separate Return Limitation Year (SRLY) in preparing consolidated returns.
Introduction to Corporate Tax
Recommended CPE Credit: 2
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with at least one introductory taxation course. Participants should have a basic understanding of corporate income taxation and financial accounting.
Advanced Preparation: None
Delivery Method: Self-study
Description: Various methods of accounting, inventory valuation, corporate income recognition, and passive activity considerations.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with at least one introductory taxation course. Participants should have a basic understanding of corporate income taxation and financial accounting.
Advanced Preparation: None
Delivery Method: Self-study
Description: Various methods of accounting, inventory valuation, corporate income recognition, and passive activity considerations.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define the term “accounting method.”
- Determine which entities are eligible to use the cash method of accounting.
- Explain the rules for reporting income and expense under the cash method of accounting.
- Explain the rules for recognizing income and expense under the accrual method of accounting.
- Describe the assumptions behind the methods of identifying items in inventory including; Specific Identification, First-In First-Out (FIFO) and Last-In First-Out (LIFO).
- Identify the methods for valuing the items in inventory.
- Describe the recognition of income and expense under the cash and accrual methods of accounting.
- Identify the main sources of interest income and rules related to the recognition of interest income.
- Calculate the dividends received deduction.
- Apply the passive activity loss rules.
- Explain the application of the accumulated earnings tax.
- Describe how a net operating loss is computed and what usage options are available.
S Corporation – Advanced
Recommended CPE Credit: 2
Program Level: Advanced
CPE Field of Study: Taxation
Prerequisites: Undergraduate degree in business with an emphasis in accounting or finance with at least one intermediate course in business entities and structures, specifically C Corporations and S Corporations.
Advanced Preparation: None
Delivery Method: Self-study
Description: Redemption, Liquidations, and Reorganizations of S Corporation, Qualified Subchapter S Corporation Subsidiary (QSSS) status, Qualified Subchapter S Trust (QSST) election, Small Business Trust (ESBT) election.
Learning Objectives:
Program Level: Advanced
CPE Field of Study: Taxation
Prerequisites: Undergraduate degree in business with an emphasis in accounting or finance with at least one intermediate course in business entities and structures, specifically C Corporations and S Corporations.
Advanced Preparation: None
Delivery Method: Self-study
Description: Redemption, Liquidations, and Reorganizations of S Corporation, Qualified Subchapter S Corporation Subsidiary (QSSS) status, Qualified Subchapter S Trust (QSST) election, Small Business Trust (ESBT) election.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define and analyze the tax effects to the S Corporation and shareholders in redemptions, liquidation, and reorganizations of S Corporation stock.
- Define the qualifications for electing S Corporation status by a corporation.
- Define and describe the various types of trusts that can qualify as a shareholder in an S Corporation.
- Define the qualifications to be a QSST, QSSS, and an ESBT.
- Calculate and determine the effect on the S Corporation’s AAA, OAA and AE&P.
S Corporation – Intermediate
Recommended CPE Credit: 2
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate degree in business with an emphasis in accounting or finance. Participant should have an understanding of business entities and structures or successful completion of the S Corporation – Introduction course.
Advanced Preparation: None
Delivery Method: Self-study
Description: Review of S Corporation fundamentals, determining S Corporation shareholder basis, Accumulated Adjustments Account (AAA) Accumulated Earnings and Profits, distribution and compensation issues, converting from a C corporation.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate degree in business with an emphasis in accounting or finance. Participant should have an understanding of business entities and structures or successful completion of the S Corporation – Introduction course.
Advanced Preparation: None
Delivery Method: Self-study
Description: Review of S Corporation fundamentals, determining S Corporation shareholder basis, Accumulated Adjustments Account (AAA) Accumulated Earnings and Profits, distribution and compensation issues, converting from a C corporation.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Review the requirements and characteristics of an S Corporation.
- Define and calculate an individual’s basis in their S Corporation stock.
- Define the importance of calculating the basis in S Corporation stock.
- Define the importance of the S Corporations AAA, OAA, and AE&P accounts.
- Define and calculate the tax impact to the shareholders of various S Corporation distributions accounts.
- Identify the significant compensation issues unique to S Corporations.
- Define the rules regarding estimated tax payments to shareholders of S Corporations.
- Identify and define the accounting period and various methods of accounting for C Corporations that elect to be taxed as an S Corporation.
S Corporation – Introduction
Recommended CPE Credit: 2.5
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate degree in business with an emphasis in accounting or finance. Participants should have a basic knowledge of business entities and structures.
Advanced Preparation: None
Delivery Method: Self-study
Description: S Corporation vs. other corporate formats, qualifying for S Corporation status, distributions and transfers between S Corporations and shareholders.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate degree in business with an emphasis in accounting or finance. Participants should have a basic knowledge of business entities and structures.
Advanced Preparation: None
Delivery Method: Self-study
Description: S Corporation vs. other corporate formats, qualifying for S Corporation status, distributions and transfers between S Corporations and shareholders.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define the requirements for a corporation to qualify as an S Corporation.
- Determine how to make a valid S Corporation election.
- Define various distributions to shareholders with or without stock exchanges.
- Determine the tax effect of various transfers to shareholders with or without stock exchanges.
- Analyze the tax effect of electing S Corporation status.
Subchapter C – Advanced
Recommended CPE Credit: 1.5
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Corporate reorganizations, tax implications of reorganizations.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Corporate reorganizations, tax implications of reorganizations.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the different types of corporate reorganizations.
- Identify the consequences if careful planning is not pursued when restructuring corporate entities.
- Define “control” as it applies in the reorganization process.
- Identify the elements required for a corporate reorganization to be tax-free.
- Describe how the shareholders are taxed in a corporate reorganization.
- Identify the tax attributes that can be carried over by the parties involved in reorganization.
- Identify the criteria required for tax purposes in a plan of reorganization.
- Identify the informational filings required by the parties involved in reorganization.
- Identify the rules for the allocation of purchase price when a group of assets is acquired.
- Describe the special rules applicable to the acquisition of intangible assets.
Subchapter C – Intermediate
Recommended CPE Credit: 2
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Corporate capitalization, earnings and profits, redemptions vs. dividends, complex redemptions, liquidations, Personal Holding companies, Accumulated earnings tax.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Corporate capitalization, earnings and profits, redemptions vs. dividends, complex redemptions, liquidations, Personal Holding companies, Accumulated earnings tax.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the various sources of corporate capital and the related tax implications.
- Describe the taxation of corporate stock redemptions.
- Describe a preferred stock bailout and the tax implications.
- Identify situations where the accumulated earnings tax is applicable.
- Describe situations where corporate earnings can be accumulated for reasonable business needs.
- Identify the common forms of corporate distributions and the related tax implications.
- Describe the tax implications related to complete and partial corporate liquidations.
- Identify the importance of corporate earnings and profits on the taxation of corporate distributions.
- Identify situations where the personal holding company tax is applicable.
Subchapter C – Introduction
Recommended CPE Credit: 1
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Tax implications of C Corp structure, treatment of Net Operating Losses, contributing and distributing assets.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Tax implications of C Corp structure, treatment of Net Operating Losses, contributing and distributing assets.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the use of a C Corporation as a business structure and the related tax implications.
- Describe the calculation of the regular corporate tax and the alternative minimum tax.
- Identify how to utilize corporate net operating losses.
- Identify situations where the accumulated earnings tax and the personal holding company tax are applicable.
- Identify the common forms of corporate distributions and the related tax implications.
- Describe the tax implications related to transfers of property by an individual to a corporation.
Taxation - Individual
Alimony
Recommended CPE Credit: 1.5
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Individual Federal tax rules regarding payment and receipt of alimony and child support.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Individual Federal tax rules regarding payment and receipt of alimony and child support.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define alimony and describe the basic income tax treatment.
- Define child support and describe the basic income tax treatment.
- Identify important tax elements of divorce or separation instruments.
- Identify the alimony tax implications of living in a community property state.
- Identify alimony that is subject to recapture and the related method of computation.
- Identify the divorce implications of IRA’s, trusts, annuities, and endowment contracts.
- Identify the fees related to getting a divorce that are deductible.
- Identify which payments to third parties are considered to be alimony.
Bankruptcy Tax Guide
Recommended CPE Credit: 2
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Federal income tax aspects of individual, corporation, and partnership bankruptcy proceedings under Title 11 of the U. S. bankruptcy code.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to income taxation concepts. Participants should have a basic understanding of Federal income taxation, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Federal income tax aspects of individual, corporation, and partnership bankruptcy proceedings under Title 11 of the U. S. bankruptcy code.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the basic types of bankruptcy proceedings.
- Describe the federal income tax aspects of bankruptcy.
- Identify the tax obligations of the person or entity filing the bankruptcy petition.
- Identify the situations when a separate estate is created by the bankruptcy filing.
- Identify the tax responsibilities of a trustee in a bankruptcy situation.
- Describe the tax treatment of asset transfers associated with a bankruptcy.
- Describe the tax impacts of the debt cancellation that occurs in a bankruptcy.
Casualty and Theft Losses
Recommended CPE Credit: 1.5
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Tax rules connected with disaster losses, including those Presidentially-declared, loss measurement, and associated reporting deadlines.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Tax rules connected with disaster losses, including those Presidentially-declared, loss measurement, and associated reporting deadlines.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define what special rules apply to Presidentially declared disaster area losses for Federal income tax purposes.
- Define a deductible casualty loss and the required support for Federal income tax purposes.
- Define a deductible theft loss and the required support for Federal income tax purposes.
- Define the calculation of casualty gains and losses for Federal income tax purposes.
- Identify the choices a taxpayer has for claiming a casualty loss deduction.
- Identify the timing requirements for deducting a casualty loss.
- Identify how to report a casualty loss for Federal income tax purposes.
Multistate Taxation
Recommended CPE Credit: 1.5
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to corporate and individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of corporations and individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Multistate taxation issues, including nexus, apportionment and allocation, property and payroll factors, business/nonbusiness income, sales/use taxes, and calculating state income tax.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to corporate and individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of corporations and individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Multistate taxation issues, including nexus, apportionment and allocation, property and payroll factors, business/nonbusiness income, sales/use taxes, and calculating state income tax.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the role and responsibilities of the Multistate Tax Commission.
- Explain the concept of nexus as it relates to multistate taxation.
- Identify the importance of Public Law 86-272 to multistate business operations.
- Describe how to calculate state income taxes for a multistate business.
- Identify the methods for computing state consolidated income tax returns.
- Identify the characteristics and treatment of business and nonbusiness income.
- Describe how the Uniform Division of Income for Tax Purposes Act has impacted the taxation of multistate businesses.
- Describe how the functional and transactional tests are used for business income.
- Describe how the allocation and apportionment processes apply in the area of multistate taxation.
- Describe the basic operation of the sales and use taxes assessed by various states and political subdivisions.
Taxation - Other
Entity Comparisons
Recommended CPE Credit: 1.5
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to corporate and individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of corporations and individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Primer for choosing correct form of business structure in setting up new business, including discussion of Federal and state taxes, foreign operations, and methods of accounting
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some exposure to corporate and individual income taxation concepts. Participants should have a basic understanding of the Federal income taxation of corporations and individuals.
Advanced Preparation: None
Delivery Method: Self-study
Description: Primer for choosing correct form of business structure in setting up new business, including discussion of Federal and state taxes, foreign operations, and methods of accounting
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the significant factors to be considered when choosing a type of entity when starting a new business or when updating an existing business.
- Describe the recent tax changes that have impacted the choice of entity type.
- Identify the various types of entities that can be used for a business venture.
- Describe the Federal tax issues involved in the choice of entity type.
- Identify the State tax issues related to the various entities.
- Identify the special issues related to an entity choice for a multinational enterprise.
- Describe how an existing business can be converted to a LLC.
- Describe how the special allocation process works for a partnership.
- Describe how the deduction of losses differs for various types of entities.
- Describe how the at-risk and passive loss provisions apply to the various entity types.
Partnerships and LLCs – Advanced
Recommended CPE Credit: 2.5
Program Level: Advanced
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with an emphasis in accounting and taxation. Participants should have a detailed knowledge of taxation and an in-depth knowledge of how federal income tax law applies to partnerships and partners.
Advanced Preparation: None
Delivery Method: Self-study
Description: IRC requirements and favorable treatment of family limited partnerships and family limited liability companies for asset protection and estate planning.
Learning Objectives:
Program Level: Advanced
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with an emphasis in accounting and taxation. Participants should have a detailed knowledge of taxation and an in-depth knowledge of how federal income tax law applies to partnerships and partners.
Advanced Preparation: None
Delivery Method: Self-study
Description: IRC requirements and favorable treatment of family limited partnerships and family limited liability companies for asset protection and estate planning.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Explain the use of a family limited partnership to achieve asset management, estate planning, and tax benefits.
- List the two types of discounts which make a family limited partnership attractive.
- Explain why a family limited partnership must have a valid business purpose and be able to identify what constitutes a valid business purpose.
- Explain the significance of determining proper partnership allocations.
- Define what requirements must be met in order for a partnership allocation to be respected for tax purposes.
- Identify what gives a partnership allocation “substantial economic effect.”
- Explain what is involved in maintaining partnership accounts.
- Determine how to make liquidating distributions of partnership interests.
- Determine how to revalue distributed partnership property that is subject to nonrecourse debt.
- Determine the situations in which partners may need to adjust their capital accounts to reflect a revaluation of the partnership.
Partnerships and LLCs – Intermediate
Recommended CPE Credit: 2
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with an emphasis in accounting and taxation. Participants should have a detailed knowledge of taxation.
Advanced Preparation: None
Delivery Method: Self-study
Description: Partnership taxation theories, allocations, transactions, basis adjustments, and terminations.
Learning Objectives:
Program Level: Intermediate
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with an emphasis in accounting and taxation. Participants should have a detailed knowledge of taxation.
Advanced Preparation: None
Delivery Method: Self-study
Description: Partnership taxation theories, allocations, transactions, basis adjustments, and terminations.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Describe the two theories of partnership taxation – the aggregate theory and the entity theory.
- Describe the state and federal laws which govern partnerships and LLCs.
- Describe the entity concept of Section 707(a) (1) and the limits on deductibility of losses from sales between partners and partnerships under Section 707(b) (1).
- Describe how gains are treated when a partner sells property to the partnership.
- Define the term “guaranteed payments.”
- Define the term “disguised sale” and describe what triggers a “disguised sale.”
- Define the term “distributive share.”
- Explain the concepts of “substantial economic effect.”
- Identify the rules for maintaining partner capital accounts.
- Differentiate between inside and outside basis of a partnership and identify the benefits and limitations of Section 743(b) basis adjustments.
Partnerships and LLCs – Introduction
Recommended CPE Credit: 2.5
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with at least an intermediate accounting course and one basic tax accounting course. Participants should have a basic understanding of accounting and tax issues.
Advanced Preparation: None
Delivery Method: Self-study
Description: Partnership and LLC defined, partner basis, taxation issues, and accounting and reporting requirements.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with at least an intermediate accounting course and one basic tax accounting course. Participants should have a basic understanding of accounting and tax issues.
Advanced Preparation: None
Delivery Method: Self-study
Description: Partnership and LLC defined, partner basis, taxation issues, and accounting and reporting requirements.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Define and differentiate between a partnership and an LLC.
- Describe what is meant by the terms “partnership assets” and “partnership basis.”
- Describe the rules that define the legal framework of an LLC.
- Determine what partnership costs may be amortized.
- Identify situations in which a partnership may be terminated.
- Identify situations in which a partnership interest may be transferred.
- Recognize that partnerships may elect out of taxation under Subchapter K.
- Identify tax issues related to partnership contributions and distributions.
- Describe partnership tax reporting.
- Identify how a partnership determines its tax year.
- Describe the accounting methods available to partnerships and the requirements for utilizing the methods.
- Describe the elections a partnership may make and who can make them for the partnership.
Tax Depreciation Concepts
Recommended CPE Credit: 1.5
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some basic accounting and income tax course work. Participants should have a basic understanding of income taxation, financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Depreciation overview, MACRS, Depreciation calculations, Section 179 property.
Learning Objectives:
Program Level: Basic
CPE Field of Study: Taxation
Prerequisites: Undergraduate business degree with some basic accounting and income tax course work. Participants should have a basic understanding of income taxation, financial statements, the reporting of financial transactions, and the application of generally accepted accounting principles.
Advanced Preparation: None
Delivery Method: Self-study
Description: Depreciation overview, MACRS, Depreciation calculations, Section 179 property.
Learning Objectives:
Upon completion of this course, participants will be able to:
- Identify the requirements for property to be considered a depreciable asset.
- Describe the allowable methods of depreciation for federal income tax purposes.
- Describe the allowable methods of depreciation for GAAP financial reporting.
- Describe how to use the IRS tables for purposes of calculating depreciation.
- Identify the allowable conventions for the year property is placed in service.
- Describe how to elect the Section 179 deduction.
- Identify how to calculate depreciation in a shortened tax year.
- Define property dispositions and the related impact on depreciation calculations.
- Define listed property.
- Identify important considerations in selecting a method of depreciation.
* Kaplan Schweser CPE is currently NOT accepted in NY and UT. FL does NOT currently accept Kaplan Schweser Ethics courses
for CPE.
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