Financial Accounting, Financial Statement, Accounting, Generally Accepted Accounting Principles, Accounting Terminology
Jan 30, 2019
It got tougher as it went along, but Professor Brian Bushee never failed to make it interesting or at the very least, understandable. His virtual students livened things up!
Feb 13, 2018
This entire course was very well done. I liked the professor and his virtual students. They asked (for the most part) relevant questions that added to my understanding.
There are two certainties in life, and we will cover one of them this week (the other is beyond the scope of the course). We will NOT teach you how to prepare your own tax return. Instead, we will discuss how companies have to prepare "two sets of books": their financial statements and their tax returns. The rules are different for these two sets of books, leading to permanent differences and to temporary differences. We will cover both types of differences, with a main focus on "deferred taxes", which are the byproduct of temporary or timing differences between tax reporting and financial reporting. Finally, we will touch on other tax issues, such as Net Operating Loss Carryforwards and the rule that requires companies to disclose how much they are trying to cheat on their taxes (sorry, that should say "use tax planning strategies to manage their taxable income").