Tax Basis and other Special Purpose Frameworks

Overview

There is a renewed interest in the Statement of Cash Flows. In the past 10 years, over 30% of restated financial statements were due to errors in the Statement. The SEC has focused on it, Peer reviewers are noting problems, and the FASB has begun a project on it. This course focuses on where the problems are and where there is diversity in practice.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. As of April 7, 2025, the state’s Workforce Training Express Fund suspended reimbursements for training costs to Massachusetts businesses. While we don’t have a confirmed timeline for the program to resume, it will likely be sometime this summer. We will continue to monitor this closely and encourage you to visit the state’s Workforce Training website for the most current updates and guidance.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-13228. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

• The format of the Statement of Cash Flows • How to identify cash flows from accrual financial statements • How to classify cash flows between operating, investing and financing • Direct vs. Indirect methods • Disclosure requirements • Non-cash transactions.

Designed For

CPAs in public and private practice

Objectives

• To gain the ability to critically read a\the statement of cash flows • To learn how to properly distinguish between operating, investing, and financing cash flows • To learn the importance of disclosing non-cash transactions