CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

Accounting & Tax Implications of Credit Losses

  • AFSP
  • CIA
  • CMA
  • CPA (US)
  • EA
  • IAP
  • Tax Preparer
  • QIAL
  • CTEC
Accounting & Tax Implications of Credit Losses

1 Credit

$20

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00586-21-O)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0560)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CPE credit for Certified Management Accountants (CMA)

1 CPE credit for Certified Internal Auditors (CIA)

1 CPE credit for Internal Audit Practitioner (IAP)

1 CPE credit for Qualification in Internal Audit Leadership (QIAL)

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00586-21-O)

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00586-21-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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This Course is Also Available in Self Study (On-Demand)

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Course Description

A Credit Loss is a debt that a company is unlikely to recover.

Current assets are reported as Accounts Receivables on a company's balance sheet. Current assets are expected to turn to cash within one year, and a company's balance sheet could overstate their accounts receivable if any are not collectible.

In June 2016, the Financial Accounting Standards Board (FASB) issued the new accounting standard that changes generally accepted accounting principles (GAAP) for Credit Losses on Financial Instruments (Topic 326). Although ASU 2016-13, entitled “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” is applicable for all financial instruments, here we summarize new GAAP only for accounting for loan (or other receivable) losses.

The financial instruments project was one of the major convergence projects that the FASB worked on with the IASB. Unfortunately, that project ultimately did not lead to convergence.

This online CPE/CE course will address the major changes to the calculation of credit loss for financial assets including the models for available for sale and amortized cost.

In this online continuing education course, we’ll also look at the impact of the accounting change on taxes and what the key requirements are under the IRS rules for uncollectible assets. Attendees will leave with a solid understanding of the accounting and tax issues of credit losses.

Key topics covered in this online CPE/CE webinar:

  • Measurement of credit losses on financial instruments
  • Accounting implications of credit losses.
  • Scope of ASU 2016-13.
  • Amortized cost considerations.
  • Subsequent Measurement.
  • Tax implication of credit losses.
  • Deductibility of credit losses.
  • General guidance for taking losses-IRC 166(a)

Click for more webinars on | Accounting & Auditing |Tax Updates |

Learning Objectives

  • To recognize changes to financial reporting for ASU 2016-13 as amended.
  • To recall when a credit loss becomes deductible.
  • To identify when a loss becomes worthless for tax purposes.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Management Accountant
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Young CPA

Testimonial

5

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BA

The pace of the course was almost too fast because there was so much content that was being delivered, but it was delivered in a very effective way.