A & A Issues for CIRAs (Completed)

This course takes the participant from the correct opening of the CIRA’s books, through day-to-day accounting, and into the differences in financial statement presentations. CIRA assets and liabilities are explained with an indication of how they are approved and reported as well as disclosed. The requirements and need for proper budgeting of CIRA’s revenues and expenses are discussed. The taxation of CIRAs is set out along with the proper accounting for taxes and their disclosures.

Who Should Attend
Professional accountants, owners, board members, and investors with a need for correct accounting, classification, and reporting of CIRAs

Topics Covered

• Initial accounting and financial reporting with a view to classified records such as long- and short-term accounts
• Taxation and its implications for federal, state, and local taxes
• Budgeting for different classes of revenue and expenses like operations, acquisitions, and reserves
• Debt and repayment of loans accounting plus insurance issues
• Classification of assets and liabilities and long-term vs short-term
• Contributed assets vs bought assets
• Disaster accounting and reporting requirements with insurance implications

Learning Objectives

• Understand the requirements for correct financial statement format in the initial financials for CIRAs
• Understand the need and requirements for Reserve funds and state rules
• How to reflect asset acquisitions and disposals are set out
• Understand transfers between funds within CIRAs by BODs
• Understand how to properly set up correct accounting rules in a CIRA
• Understand the differences in distinct types of CIRAs

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None