Checkpoint Learning

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Rules for Accrual Basis Revenue and Advance Payments  

CATEGORY: Taxation
  Online & Mobile
2 CPE Credits

This course looks at the most recent tax accounting accrual-basis rules in T.D. 9941 and their relationship to the FASB's rules for Revenue from Contracts with Customers (Topic 606). The tax accounting rules have changed from a system of reliance on the all-events test to a more structured analysis set forth by the FASB. We will look at the FASB's prescribed steps in determining when AFS (applicable financial statements) revenue from contracts is recognized. There are circumstances when the taxpayer recognizes revenue from a contract over time. If they do not recognize revenue over time, they must recognize it at a point in time. You will see how the historical treatment of prepaid income has been modified and incorporated into the accrual basis regulations. The course will also discuss the change in accounting methods implications of these new rules for taxpayers.

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