Original air date: March 27, 2018 Recording available at http://www.mhmcpa.com This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession. Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.

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CBIZ & MHM
Executive Education Series™
First Quarter Accounting and
Financial Reporting Issues Update
James Comito, Mark Winiarski, Nate Smith
March 27, 2018

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About Us
• Together, CBIZ & MHM are a Top Ten accounting provider
• Offices in most major markets
• Tax, audit and attest and advisory services
• Over 2,900 professionals nationwide
A member of Kreston International
A global network of independent
accounting firms
MHM (Mayer Hoffman McCann P.C.) is an independent CPA firm that provides audit, review and attest services, and works closely with CBIZ, a business consulting,
tax and financial services provider. CBIZ and MHM are members of Kreston International Limited, a global network of independent accounting firms.

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Original Broadcast:

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CPE Credit
This webinar is eligible for CPE
credit. To receive credit, you will
need to answer polling
questions throughout the
webinar.
External participants will receive
their CPE certificates via email
within 15 business days of the
webinar.

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Disclaimer
The information in this Executive Education Series
course is a brief summary and may not include all
the details relevant to your situation.
Please contact your service provider to further
discuss the impact on your business.

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Presenters
James Comito, CPA
National Director of Professional
Standards
The Director of MHM's Professional Standards Group, James has
expertise in all aspects of revenue recognition, business combinations,
impairment of goodwill and other intangible assets, accounting for
stock-based compensation, accounting for equity and debt instruments
and other accounting issues.
Additionally, he has significant experience with a variety of other
regulatory and corporate governance issues pertaining to publicly
traded companies, including all aspects of internal control. In addition,
James frequently speaks on accounting and auditing matters at various
events for MHM.
858.795.2029 • jcomito@cbiz.com

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Presenters
Located in our Kansas City office, Mark is a member of our Professional
Standards Group (PSG). Mark's role includes instructing in our national
training program, presenting as a subject matter expert at webinars and
conferences, and preparing MHM publications on accounting and
auditing issues.
As a PSG member , Mark consults with clients and engagement teams
across the country in many areas of accounting and auditing. Mark has
served clients as an auditor, consultant and advisor in numerous
industries including manufacturing, distribution, mining, retail sales,
services and software.
913.234.1656 • mwiniarski@cbiz.com • @KCWini
MARK WINIARSKI, CPA
MHM Shareholder

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Nathan Smith is a Director in the CBIZ National Tax Office, bringing over
19 years of experience in public accounting to provide technical support
and strategic solutions for the firm’s tax practice. Nathan leads the
development of practice aids and tactical approaches used in
responding to industry and Federal tax developments in a variety of
subject matter areas. Nathan also consults nationally to facilitate
delivery of client service opportunities and solutions, contributes as an
author and editor to the firm's tax thought leadership publications and
assists with the development and implementation of national tax
policies and procedures.
727.572.1400 • nate.smith@cbiz.com
Nathan Smith, CPA
Director
Presenters

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Agenda
Recent Events
02
01
03
04
Q1 Refresh
Tax Cuts and Jobs Act
US GAAP for the Tax Cuts and Jobs Act

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RECENT EVENTS

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Lease Accounting
• Land Easements (ASU 2018-01)
• New practical expedient for transition
• Elect to scope out easements that exist or expire upon
the adoption of Topic 842 Leases that were previously
not evaluated under Topic 840 Leases
• Clarify that land easements should be evaluated
under the new lease guidance
• Land easements (or rights of way) is the right to use,
access, or cross another entity’s land for a specified
purpose

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Lease Accounting
• New proposal
• Permit simplified transition
• Adjust the opening balance sheet the year of adoption
 i.e. do not revise prior periods
• Lessors may elect to not separate non-lease
components:
• Elected by class of underlying leased asset
• Non-lease component must have same timing and
pattern of revenue recognition
• Only applies to operating leases

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Financial Instruments (ASU 2018-03)
• Clarifies several questions raised about the new
recognition and measurement guidance (ASU 2016-01)
that is effective in 2018 for PBEs 2018 and 2019 for all
others
1. Presentation guidance for financial liabilities accounted
for under the fair value option (ASC 825-10-45-5):
a) Separate presentation of fair value change in instrument-specific
credit risk in OCI applies to hybrid financial liabilities
b) Measurement of the fair value change in instrument-specific
credit risk is done in the applicable foreign currency first, then
remeasured into the functional currency at end-of-period spot
rates

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Financial Instruments (ASU 2018-03)
2. Practical expedient for equity securities without readily
determinable fair value:
a) Entities can switch to the fair value method
b) Adjustments to the carrying value are made based on:
i. Fair value on the date of an observable transaction
ii. Entire value of forward contracts and purchased options
when an observable transaction occurs for the underlying
equity investment
c) Prospective transition only applies to equity securities
for which the measurement alternative was elected
Effective for PBE’s fiscal years beginning before June 15, 2018 first adopt
the guidance for the interim period beginning after June 15, 2018

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Derivatives and Hedging
• Proposal to include the overnight index swap (OIS)
rate on the secured overnight financing rate (SOFR) as
a benchmark interest rate
• Alternative Reference Rates Committee (ARRC) created
the new index in response to concerns about LIBOR
• Federal Reserve Board believes the inclusion of the new
rate for hedge accounting will broaden its usage

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Cloud Computing Proposal
• Entities would apply the capitalization guidance for
internal use software to the implementation of cloud
based applications. Capitalize when:
• Preliminary project stage is complete
• Management authorizes and commits to funding
• Probable that the project will be completed
Preliminary
project stage
Application
development
stage
Post-
implementation /
operations stage

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Cloud Computing Proposal
• Costs eligible for capitalization:
• Design, configuration and interface
• Coding
• Testing
• Certain data conversion costs
• Costs incurred to allow access to old data
• Amortization over the non-cancellable term plus any
renewals reasonably certain to be exercised to the
same line item as hosting fees on the income
statement

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D
i
s
c
l
o
s
u
r
e
Cybersecurity
• SEC interpretation takeaways
• Preparers are encouraged to consider the
materiality of cybersecurity risks and
incidents when preparing disclosures
• Risk factors
• MD&A
• Description of business
• Legal proceedings
• Financial statements
• Board risk oversight

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Cybersecurity
• SEC interpretation takeaways
• Policies and procedures should be monitored to ensure
• Relevant information about cybersecurity risks and
incidents is communicated to the appropriate personnel
• Insider trading based on material non-public information
is prevented
Material information arising from known breaches may be
appropriately disclosed in a Form 8-K or 6-K.

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Q1 REFRESH

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Public Companies – New Standards Everywhere…
• Revenue Recognition
• Breakage of prepaid cards
• Service concessions arrangements
• Recognition and measurement of financial
instruments
• Definition of a business
• Derecognition of nonfinancial assets
• Presentation of pension costs
• Accounting for taxes for intra-entity transfers
• Sock compensation modifications
• Cash flow clarifications and restricted cash

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Don’t forget…
• Prepare annual disclosures for new accounting
standards in quarterly filings in the year of adoption
• Assess and disclose material changes to internal
controls over financial reporting
• Focus on SAB 74 leasing disclosures
• Incrementally disclose more information as it becomes
known

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Revenue Recognition – Early Adopters
• SEC comment letters are requesting more information:
• Explain basis for accounting under Topic 606 (and Topic 605!)
for accounting when a change occurs
• Explain why seemingly similar transactions result in different
accounting outcomes under Topic 606
• Compliance with disaggregate revenue disclosures
• Alignment with earnings releases and other public statements
• Descriptions of methods, assumptions and estimates used for
variable consideration
Best advice: Be prepared with contemporaneous
documentation!

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Standards for non-public business entities
• Balance sheet classification of deferred taxes
• Contingent put and call options in debt instruments
• Derivative contract novations
• Improvements to employee share-based payment
accounting
• Scope of stock compensation guidance

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TAX CUTS AND JOBS ACT

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Agenda
Qualified Business Income Deduction04
05
Deductibility of Excess Business Losses
Depreciation Provisions
02
Limitation of Business Interest Deduction
03
Accounting Methods Provisions
Corporate Tax Changes
06
01 US GAAP Overview
International Tax Accounting Issues
07
08

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US GAAP OVERVIEW

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When do you Recognize TCJA Changes?
US GAAP requires tax law
changes to be recognized
as of the date of
enactment

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What Does Recognition Mean?
• Applicable for interim and annual financial statements
dated December 31, 2017
• All Deferred tax positions need to be adjusted
• Certain payables/receivables may need to be recorded
• Valuation allowances need to be revisited
• Expanded disclosures may be necessary
• Internal controls will need to be assessed to ensure
compliance with the reporting requirements

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Measurement Period - Three Scenarios – SAB 118
• Measurement is complete
• ASC 740 disclosures apply
• Measurement is not complete, but a
“reasonable estimate” can be made
• ASC 740 and SAB 118 disclosures apply
• Recognize revisions to estimates as a discrete
item in the period they are made
• A “reasonable estimate” can not be made
• ASC 740 and SAB 118 disclosures apply
Apply
H.R. 1
Apply
Prior Tax
Law
UptoOneYear
MeasurementPeriod

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Presumption of…

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Staff Accounting Bulletin 118 – Disclosure Requirements
Required Disclosures – Applied by individual tax effect
• Qualitative information of the income tax effects for which the accounting
is incomplete
• Items reported as provisional amounts
• Existing current or deferred tax amounts which measurement has not
been completed
• Reason accounting is incomplete
• Information that needs to be obtained, prepared or analyzed to complete
the accounting
• Nature and amount of measurement period adjustments recognized in
the period
• Effect of measurement period adjustments on the effective tax rate
• When accounting has been completed

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Accounting by Pass Through Entities
• Generally no effect, however a distribution can occur
when a pass-through agrees to pay, or pays, directly a
shareholder tax
• S-Corporation that becomes jointly obligated for
mandatory repatriation tax
• Unrelated to the TCJA, a partnership pays a tax under
the rules for audits of partnerships

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CORPORATE TAX CHANGES

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Reduction in Corporate Tax Rates
Top corporate rate drops to 21% from 35% (40% decrease)
Effective for “taxable years beginning after 12/31/17”
Blended rate for fiscal year taxpayers-IRC Sec. 15
Corporate AMT is repealed
 Any remaining minimum tax credits (MTC) will offset
regular tax liabilities
 50 percent of the MTC is refundable for tax years
beginning after 2017 and before 2021 and 100 percent
refundable for years beginning in 2021

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Effective Tax Rate Change - Backwards Tracing
• US GAAP requires a change in tax rate to be
recognized through current income tax expense
• Including adjustments for deferred taxes related to
items in accumulated other comprehensive income
(AFS, Hedging, FX, Pension)
• Don’t adjust accounting for business combinations
before December 22, 2017
• Do consider the effect of the December 22, 2017
measurement date for items in OCI, except
• Pension and OPEB liabilities

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Accumulate Other Comprehensive Income Reclassification
• ASU 2018-02 permits elections to reclassify “stranded” tax
effects in AOCI to retained earnings:
• Direct effect of the change in corporate income taxes
• Remeasurement from 35% to 21%
• Other effects of the tax cuts and jobs act
• Repatriation tax
• State tax effect
• Disclosure of whether the election was made or not, and the
other effects that were elected to be reclassified (if any)
• Effective for fiscal years beginning after December 15, 2018,
early adoption permitted
• Apply on a modified retrospective or retrospective method

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Elimination of Corporate Alternative Minimum Tax (AMT)
Tax credit carryforwards offset regular tax and become
refundable
• 50% of the excess minimum tax credit for 2017-2020
• 100% of the excess after 2021
AMT credits expected to be realized
may now be recorded as a receivable.

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INTERNATIONAL TAX ACCOUNTING ISSUES

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Deemed Repatriation Tax
US Converts from worldwide to territorial tax system
• 15.5% Tax on cash and cash equivalents; 8% tax on
illiquid assets for accumulated foreign earnings of:
• Controlled Foreign Corporation (CFC) > 50% US ownership
• Foreign entities with a 10% or greater US Corporate
ownership
• Tax is payable over eight years
• Do not impute interest
Disclose a 5-year maturity table?

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The Assertion
The assertion of indefinite reinvestment of accumulated
undistributed earnings may still be necessary to avoid
recognized deferred taxes for items such as:
• Section 986(c) currency gains/losses
• Foreign withholding taxes
• State tax

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Base Erosion Anti-Abuse Tax (BEAT)
In essence an alternative tax computed after removing
certain deductions for payments made to foreign
related parties
• No tax credit carryforwards
• Applies to corporations with annual gross receipts of
more then $500 million
Account for it like AMT
• It is a discrete item when BEAT applies
• Does not impact the tax rate for deferred taxes

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Global Intangible Low-Taxed Income (GILTI)
Tax designed to reduce shifting of income to foreign tax
jurisdictions
• Applicable to net income of a CFC that exceeds a
defined rate of return
Account for it like Subpart F Income
• May result in deferred tax items
• Policy choice whether accounting for it in deferred
taxes is appropriate

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QUALIFIED BUSINESS INCOME DEDUCTION

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Qualified Business Income Deduction
• New deduction is set at 20 percent of qualifying business
income received from a partnership, S corporation, or sole
proprietorship (effective rate of 29.6 percent for
individuals in maximum 37 percent bracket)
• Deduction is available to individuals, trusts, and estates
• Deduction (and any potential limitation) is determined at
the partner/shareholder/individual level
• Deduction cannot exceed 20% of the individual’s
(partner/shareholder/self-employed) adjusted taxable
income
• Adjusted taxable income excludes net capital gain
• Net losses are carried forward for computing subsequent
years’ QBI deduction

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Qualified Business Income Deduction
• QBI:
• Domestic income (including Puerto Rico)
• From a qualified trade or business,
• Excludes investment income (interest income, most
dividends, capital gains, commodities gains, and foreign
currency gains)
• IRS to provide regulations with respect to the
determination of the deduction involving ownership
through tiered entities
• QBI does not include any amount paid by an S corporation
as reasonable compensation to an owner/shareholder, or
any amount that is a guaranteed payment for services
from a partnership

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Qualified Business Income Deduction
• A qualified trade or business means any trade or business other than
• A “specified service trade or business”
• Health, law, consulting, athletics, financial services, brokerage
services, or any trade or business where the principal asset of
such trade or business is the reputation or skill of one or more
of its employees or owners, or
• Which involves the performance of services that consist of
investing and investment management trading, or dealing in
securities, partnership interests, or commodities
• Engineering and Architectural services are not included in
specified services, leaving them fully eligible for the deduction
• And the trade or business of being an employee

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Qualified Business Income Deduction
• Limited to the greater of
• (a) 50 percent of W-2 wages (wages including bonuses,
elective deferrals, and deferred compensation), or
• (b) 25 percent of W-2 wages plus 2.5 percent of qualified
property (unadjusted basis of all tangible property held by,
and available for use in, a qualifying pass-through trade or
business)
• Eligible W-2 wages are allocated to shareholders and
partners in the same proportion as the original deduction
for such wages
• Qualified property is allocated to shareholders and
partners in the same proportion as the original deduction
for depreciation with respect to such property

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Qualified Business Income Deduction
• Taxpayers below income levels are exempt from
• The 50 percent W-2 wage limitation,
• The 25 percent W-2 wages plus 2.5 percent qualifying
property limitation, and
• The specified service trades or businesses limitation
• Fully exempt: Taxable income less than $157,500
single / $315,000 MFJ
• Phased in: Between threshold amounts and $207,500
single / $415,000 MFJ
• The amounts are indexed for inflation

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Qualified Business Income Deduction – Multiple Businesses
• IRS to issue regulations to address tiered entities, so
indirect ownership of a qualified business will not
prevent the deduction from applying
• Positive and negative QBI from different businesses
netted to determine the final QBI deduction and loss
carryover amounts for a given year
• Acting IRS Commissioner David Kautter promised
guidance by the summer, needed for
• Specified service trades or businesses
• W-2 wage limitation
• Parsing multiple trades or businesses issues

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LIMITATION OF BUSINESS INTEREST DEDUCTION

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Business Interest Limitation
• For any type of entity, business interest deductions will be
limited to the sum of business interest income plus 30 percent
of adjusted taxable income (computed without regard to
deductions allowable for interest, depreciation, amortization,
depletion, net operating losses, and the pass-through entity
deduction)
• “Floor plan interest” incurred by automobile dealerships is
exempt from the limitation, but any taxpayer deducting unlimited
floor plan interest (this is required, not elective) is not eligible for
bonus depreciation on any property at all
• Businesses with average annual gross receipts for the prior
three taxable years that do not exceed $25 million are exempt
• Unused business interest expense can be carried forward
indefinitely
• Aggregation rules apply

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Business Interest Limitation
• Real estate businesses can elect to not have the limitation
apply; such businesses include
• Real estate development, redevelopment, construction,
reconstruction, acquisition, conversion, rental, operation,
management, leasing, or brokerage;
• A real estate business conducted by a corporation or a REIT
is also included;
• The operation or management of a lodging facility, such as a
hotel, motel or a dormitory where sleeping accommodation
are provided
• An electing business must use ADS depreciation for its
non-residential real property, residential rental property,
and qualified improvement property
• Bonus depreciation is not available if ADS is used (§179 is
still available)

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Accounting Impact
• Since disallowed interest can be carried forward
indefinitely a new indefinite lived deferred tax asset
may be created
• Indefinite lived deferred tax assets are still subject to
a valuation allowance
• Consider the four sources of income

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ACCOUNTING METHOD PROVISIONS

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Accounting Method Provisions – Cash Method of Accounting
• Cash Method of Accounting
• Before TCJA, denied to the following businesses:
• Businesses required to maintain inventories
• Tax shelters
• C corporations
• Partnerships with C corporation partners
• Permits eligible business to recognize income and deduct
expenses at the time the cash is received or paid
• For many businesses, the cash method provides
substantial tax benefits over the accrual method
• Accrual method — generally recognize income at the earlier
of the time revenue is due, paid, or earned through
required performance

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Accounting Method Provisions – Cash Method of Accounting
• Under TCJA, any taxpayer (including a C corporation)
meeting the income test is eligible to use the cash
method, even if the production, purchase, or sale of
inventory is an income-producing factor for the
business (subject to aggregation rules)
• The cash method is now available for all taxpayers
(other than tax shelters) with average annual gross
receipts over the prior 3 years of $25 million or less
• The $25 million threshold will also be indexed for
inflation
• New rule effective for tax years beginning after 2017

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Accounting Method Provisions – Cash Method of Accounting
• The manner in which the new gross receipts test is
determined has not changed from pre-tax act law
• Short tax years require annualization adjustments for
applicable gross receipts during the short year
• Taxpayers cannot circumvent the gross receipts test by
spreading out revenues over multiple entities
• Previous discussion for common control test applies to
determine required gross receipts aggregation with respect to
cash method eligibility
• Changes to adopt the cash method pursuant to the new
rules will be treated as a voluntary change in method of
accounting, and will permit taxpayers to include section
481(a) adjustments in the year of change

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NET OPERATING LOSSES AND
EXCESS BUSINESS LOSSES

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Use of Net Operating Losses
For taxable years ending after December 31, 2017 the
two-year carryback is repealed
 Calendar year taxpayers can still can still carryback losses
arising in 2017
For losses arising in tax years beginning after
December 31, 2017 the loss is carried forward
indefinitely and the deduction is limited to 80% of
taxable income
 Carryover NOL’s from tax years beginning before December
31, 2017 are not subject to the 80% limitation and will need
to be tracked separately

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Excess Business Losses
• Starting in 2018, all non-corporate taxpayers
(including individuals, estates and trusts) may not
deduct net losses from trades or businesses in excess
of $250,000 ($500,000 for joint returns)
• Any excess business loss is converted to a net
operating loss carryover to the next year (which is
then subject to 80% of taxable income limits)
• The excess business loss provisions apply to the
aggregate of all
• Losses generated from sole proprietorships, and
• Losses allocated from interests in S corporations and
partnerships

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DEPRECIATION PROVISIONS

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Bonus Depreciation Rules
• Under the new law, bonus depreciation applies to new and used
qualified property (life less than 20 years) acquired after September
27, 2017. Used property now qualifies as long as it is the taxpayers
first use of the property.
• Bonus rates will vary based on when the property was acquired and
placed in service.
• For properties acquired before September 28, 2017, the current
bonus rules apply.
• For properties acquired after September 27, 2017, bonus rates will
be as follows:
Qualifying Assets
Placed in Service
09/28/17-12/31/22 100%
01/01/23-12/31/23 80%
01/01/24-12/31/24 60%
01/01/25-12/31/25 40%
01/01/26-12/31/26 20%
% Bonus Depreciation
in the first year

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Bonus Depreciation Rules - Example
• For “used assets” placed in service after September 27, 2017 (Used assets not
eligible for bonus depreciation under old law)
• $5,000,000 depreciable assets
 10% carve out to 5-year life ($500,000)
 20% carve out to 15-year life ($1,000,000)
 70% carve out to 39-year life ($3,500,000)
First year expense under old law:
Basis
$3,500,000
$1,000,000
$ 500,000
Classification
39 year
15 year
5 year
Depreciation
$ 89,744
$ 50,000
$ 100,000
$ 239,744
Basis Classification
39 year
15 year
5 year
Depreciation
$ 89,744
$ 1,000,000
$ 500,000
$ 1,589,744
First year expense under new law:
$1,350,000 increase deduction in year one
$3,500,000
$1,000,000
$ 500,000

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§179 Provisions
• The §179 deduction was increased to $1 million per year and
phases-out for qualifying property exceeding $2.5 million
• Section 179 expensing now applies to roofs, HVAC’s, fire
protection and alarm systems, and security systems of non
residential property.
• It also applies to property used for lodging purposes, i.e., where
sleeping accommodations are provided (such as hotels, motels
and dormitories), to Qualified Improvement Property and
tangible personal property used in any trade or business.
• As a result of the bonus depreciation provisions, the § 179
provisions are made largely irrelevant; however, certain real
property improvements not eligible for bonus depreciation are
eligible under § 179

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?
QUESTIONS

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If You Enjoyed This Webinar…
Upcoming Courses:
• 5/2: Case Studies in Cybersecurity - A Primer for Not-for-Profits
• 5/15: Eye on Washington: Quarterly Business Tax Update
• 6/6: Key International Tax Considerations
• 7/2: Second Quarter Accounting and Financial Reporting Issues Update
Recent Publications:
• Reasons Why Private Companies May Want to Early Adopt the Definition of a
Business Standard
• Public Companies Should Prepare for Cybersecurity Disclosures
• The Impact of the New Tax Law on Real Estate Investment
• How U.S. Tax Reform Affects International Tax Considerations
• How Adopting the New Revenue Recognition Guidance Could Lead to a Big Tax
Bill

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CBIZ & Mayer Hoffman McCann P.C.
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