In this module, we continue the discussion of the new lease accounting model. You will learn how to account for lease modifications and terminations. The accounting for lease and non-lease elements will be examined. The module then describes the accounting for lessors including sales-type, direct-financing, and operating leases. Our discussion of lease accounting concludes with the accounting for sales and leasebacks.

In this module, you will be introduced to deferred taxes. You will learn the differences between deferred tax assets/deferred tax liabilities and tax refunds receivable/taxes payable. Temporary and permanent tax differences and net operating loss (NOL) carrybacks and carryforwards are described. The module also includes discussion of intraperiod tax allocation and the effect of changes in tax rates.

In this module, our study of income taxes continues with a discussion about uncertain tax positions. The origin of the two-step recognition model and its application are discussed, including the recognition threshold, measurement criteria, and derecognition criteria, including accrual of interest and penalties on unrecognized amounts.

This module will be a review of the previous seven modules. This will include the concepts of: current liabilities, contingencies, bonds, discounts and premiums of bonds, troubled debt restructuring types, lease determinations and classifications, lease modifications, sale and leasebacks, deferred tax liabilities and assets, carrybacks and carryforwards, and uncertain tax positions.