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Accounting & Tax Implications of Accounting Changes & Errors

Accounting & Tax Implications of Accounting Changes & Errors

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 )

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

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

1 CE credit of Federal Tax for Oregon Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Oct 26, 2021 | 10:30 AM EDT Register

Overview

  • FASB Guidance
    3 mins
  • Change in Accounting Estimate
    5 mins
  • Change in Accounting Estimate Cont'd
    8 mins
  • Accounting for Change in Estimate
    16 mins
  • Estimate in Taxation
    26 mins
  • Depreciation - Method Changes
    39 mins

Course Description

The financial markets depend on high quality financial reporting.  A fundamental pillar of high quality public financial reporting is reliable, comparable financial statements that are free from material misstatement.  Accounting changes and errors in previously filed financial statements can affect the comparability of financial statements.

In this online CPE webinar, we will provide an overview of the types of accounting changes that affect financial statements, as well as the disclosure and reporting considerations for error corrections.

An accounting change can be a change in an accounting principle, an accounting estimate, or the reporting entity.

An error in recognition, measurement, presentation, or disclosure in financial statements resulting from mathematical mistakes, mistakes in application of GAAP, or oversight or misuse of facts that existed at the time the financial statements were prepared.

This online continuing education course will examine both the accounting and tax implications of accounting changes and errors. FASB provides different guidance depending on the type of accounting change. We will explore the major types of accounting changes including change in estimate, change in accounting principles, and change in reporting entity. We also discuss the correction of an error.

The online CPE/CE course will also focus to examine how accounting changes and errors impact taxes including a review of the Form 3115. You’ll leave this CPE course with an understanding of how to properly account for errors and changes for both tax and GAAP.

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

Key topics covered in this online CPE/CE webinar:

  • Accounting treatment for change in Accounting Principle;
  • Accounting treatment for change in Accounting Estimates;
  • Accounting treatment for change in Reporting Entity; and
  • Accounting treatment for correction of an Error in previously issued Financial Statements.
  • Tax implications of Accounting Changes and Errors

Learning Objectives

  • to list some of the instances where estimates may be used for tax purposes.
  • To identify how the treatment of an error and the treatment of an accounting change differ on the tax return.
  • To describe the key characteristics of automatic changes on Form 3115.
  • To identify the type of accounting change for a transaction.
  • To describe the accounting for accounting changes.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Certified Management Accountant
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA