Financial Reporting Update for Tax Practitioners LARS

Monday, October 4 8:00am - 4:00pm PDT

(Check-In 7:30am PST)

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WSCPA Learning Center Room 1

902 140th Ave NE
Bellevue, WA 98005

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8.0 Credits

Member Price $279.00

Non-Member Price $329.00

Overview

LARS: Live Audience, Remote Speaker

Designed for all tax practitioners, including those who prepare tax-basis financial statements for their clients, this course will replenish your accounting and reporting tank with an update of recent standard-setting activities at the FASB and AICPA. To start, the course will review the ASC 740 implications of the CARES Act and discuss other financial accounting implications due to the COVID-19 pandemic. The course will focus on recently issued updates by the FASB, including the new revenue recognition, lease, and financial instruments and other significant new accounting standards. We will also review lessons learned from the adoption of Topic 606 and focus on maintenance efforts in following the new revenue guidance, including the continuing income tax effects of the new standard. The course will also discuss recently issued standards and review the recent activity of the AICPA. The course will also review recent FASB updates that impact income tax accounting for stock-based compensation and the presentation of deferred taxes on the balance sheet and provide an update on recently issued and proposed FASB changes to income tax accounting and disclosures. For tax practitioners, this is the one place to go in order to get up to date on what is going on in the world of financial reporting.

Highlights

ASC 740 considerations related to the CARES Act. Recent standard setting and consulting activities at the FASB. Proposed updates to income tax accounting and financial statement disclosures. Tax-basis financial statements. Recently issued Statements on Auditing Standards and other audit related hot topics. SSARS No. 21. Clarification and Recodification. and other recently issued and proposed SSARS.

Prerequisites

Experience in financial accounting and reporting.

Designed For

All tax practitioners desiring to remain up-to-date on recent accounting, reporting, and compilation and review activities.

Objectives

Come up-to-speed on recent standard setting activities at the FASB and the AICPA. Determine the income tax accounting impact of recently issued and proposed FASB ASUs. Be aware of auditing trends on the radar. Understand and apply the SSARS No. 21, Clarification and Recodification, relating to the preparation of financial statements and new guidance on compilations and reviews.

Preparation

None.

Notice

LARS stands for Live Audience, Remote Speaker. We will serve lunch at these locations, but the instructor will be webcasting into the classroom.

The WSCPA is following current Washington State guidelines for mask usage. Unvaccinated attendees at in-person events are required to wear a mask. Masks will be available for those needing them.

Leader(s):

Leaders

Robert Wells

Robert “Wayne” Wells has over 40 years of experience in public accounting and annually instructs numerous continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation. Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigations, and tax services to small- and medium-sized businesses as well as extensive tax services to individuals. Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970 with a Bachelor of Science degree in Accounting and Economics. He holds a Certified Public Accountant certificate in Tennessee, and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Tennessee Association of Accountants, and the Association of Certified Fraud Examiners.

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Non-Member Price $329.00

Member Price $279.00