PPT-Current Developments – New GAAP Requirements and Effect on Accounting for Income Taxes

Greg PfahlJohn Monahan December 8 2016 New Revenue Recognition Standard Replacing industryspecific guidance the ASU focuses on a new fivestep analysis to be applied to all contracts with customers to transfer goods or . Joanne Charles, . Shawnee State University. Angie . Lewis, CPA, Crowe . Horwath. LLP. Pete . Ugo, CPA, Crowe . Horwath. . LLP. Speaker Introductions. Joanne . Charles. Shawnee State University. Accounting Changes and Error Corrections. Both GAAP and IFRS treat changes in accounting . estimates. prospectively. Changes in accounting . principles. are accounted for retrospectively for both GAAP and IFRS.. Statutory Accounting. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . Julia . Makarieva. Jennifer . Waclawik. Becky Fay . Grayson . Schrantz. Alex Perez. Definition of Inventory. US GAAP- considered more. rules based. IFRS- considered more principle based. The. aggregate of those items of tangible personal property that are:. Nathanael Bryant. , Financial Systems & Reporting Analyst. Systemwide Financial Standards & Reporting, CO. Learning Objectives. Review requirements for completing capital asset reporting by state fund in Asset Management (AM). . Understanding Federal Income Tax Principles. . Internal Revenue Service (IRS). responsible for administration and enforcement of federal tax laws. . Generally Accepted Accounting Principles. Defined as the set of accepted industry rules, practices and guidelines for financial accounting . Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities..  . . . STATE . OF.  . CONNECTICUT. 20x8. . COMPREHENSIVE. ANNUAL. . FINANCIAL. REPORT. Fiscal Year Ended. June 30, 20x8. . Kevin Lembo. State Comptroller. Overview of OSC Requests. DETROIT . TEI. CONFERENCE. JUNE 5, 2013. Notice. ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY KPMG TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (. Isabel Wang. Associate professor . Department of Accounting . & Information Systems. Broad School of Business. Michigan State University. Friedman (2005): the world is flat... . However, accounting is still diverse.. “. Taxes are what we pay for a civilized society.. ”. Justice Oliver Wendell Holmes. “. People want just (or fair) taxes more than they want lower taxes. They want to know that every man is paying his proportionate share according to his wealth.. 2. These slides contain (and the accompanying oral discussion will contain) . “. forward-looking statements. ”. within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks.... GAAP Training How to prepare the GAAP forms COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 20x8 Kevin Lembo State Comptroller Overview of OSC Requests Standard forms package – GAAP Forms #1 thru #9 Additional Agency