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"The significance of continual reworking is only understood by those who have the attitude of excellence." - Vipul Mittal, CPA
We are doing everything to ensure that our CPA and EA training videos provide the content in an easily digestible manner. There is not just one thing that separates our videos from others. We continuously work on our videos to ensure high engagement level.
FAR: Debt Issuance, Interest Expense
A long-term debt is recorded at its present value. In this webinar, Vipul Mittal explains the methodology followed to determine the present value of a debt when debt is issued for cash and how the calculation of the present value of a debt differs when the debt is issued for property, goods or services. Also Vipul Mittal explains the recording and reporting of interest expense using the effective interest method and discount or premium amortization.
CPA Webinar : REG : Tax Return Filing, Tax Year
It is essential to understand, tax year and the statute of limitations when filing a tax return. And if you want to have a sound foundation that is required to become a tax professional, this is the webinar for you. In this webinar, Vipul Mittal discusses tax return filing, an annual accounting period (that is, a calendar year or a fiscal year including a 52-53 week period), a short period tax return, superseding tax return, amended tax return, the holiday rule, the postmark rule.
CPA Webinar: FAR: Leases – Lease Payments
In order to analyze the lease classification, you need to clearly define what is included in lease payments. As per ASC 842, the definition of a lease payment includes various elements. In this webinar, the presenter Vipul Mittal discusses the elements of lease payments with examples. This webinar explains all you need to know regarding the lease payments.
CPA : REG: C Corporation – Sec. 351 Transactions
In this webinar, the presenter Vipul Mittal discusses tax implications of a transfer of property by an individual to a C corporation in exchange for the corporation stock. Also, Vipul Mittal discusses section 351 transactions (i.e., transfer of property to a controlled corporation), multiple assets transfer and loss duplication rules. This webinar also covers the tax implications of the boot received and the determination of the basis of stock received by the shareholder.
CPA Webinar: REG: Qualified Business Income (QBI)
Taxpayers may be eligible for a qualified business income deduction, also called the section 199A deduction. In this webinar, Vipul Mittal discusses in detail the calculation of QBI deduction for qualified trade or business, and specified service trade or business. Vipul Mittal also discusses QBI deduction when a taxpayer has multiple business, including the aggregation rules. This is a must watch webinar for those who want to understand the QBI deduction, inside and out.
Webinar: AUD: Assertions
Assertions are important from the auditor’s perspective. In fact, an audit of financial statements is largely about verifying assertions. In this Webinar, Vipul Mittal makes you understand everything you should know regarding assertions, including how the auditor considers those assertions when auditing financial statements.
Webinar: AUD: Basics of Auditing
If you want to understand the basics of auditing, terminology, management’s and auditor’s responsibilities, audit risk, etc., then this is a must-watch recorded webinar.
FAR CPA Lecture: FASB’s Standard Setting Process
The FASB follows an independent process for developing accounting standards. This process involves considering the inputs and suggestions from various bodies, individuals and organizations. In this CPA exam video, Vipul Mittal discusses this process.
Medical and Dental Expenses Deduction - REG
You can deduct the amount of your medical and dental expenses (as an itemized deduction) from your adjusted gross income. Watch this video to know some interesting insights regarding the medical and dental expenses deduction.
FAR : Hedge Effectiveness Assessment (Derivatives)
In order to use hedge accounting, the hedge is expected to be highly effective. So, you have to assess whether the hedge is highly effective. In this CPA exam video lecture, Vipul Mittal discusses a few things that should be considered when assessing hedge effectiveness.
Revenue Recognition – Basics: FAR
This video discusses accounting standard codification 606 that pertains to revenue recognition from contracts with customers. In this video Vipul Mittal discusses a few terms essential for you to get a sound understanding on revenue recognition.
You can deduct your contributions to charitable organizations only if you make them to qualified organizations. Now which all are qualified organizations? In this video, Vipul Mittal explains qualified organization and nonqualified organizations with examples.
CPA FAR Video: Internal-Use Software
You guys use software every day. When you work on your laptop, you work on various software. You use your mobile phone that has many embedded software. Also, you may get access to internal-use software in a hosting arrangement. You also call this cloud computing arrangement. In this CPA exam video, Vipul Mittal discusses the accounting for internal-use software.
Document Review Simulation: AUDIT
In this video the presenter Vipul Mittal discusses a task based simulation on the AUD section of the CPA exam. Watch this video to understand the approach you need to follow to solve a document review simulation.
CPA FAR Lecture: Discontinued Operations
GAAP requires that discontinued operations be reported separately on the income statement and should be reported net of tax. Watch this video lecture by Vipul Mittal to understand the meaning of ‘discontinued operations’ and its reporting.
Goodwill Impairment - Accounting Alternative: FAR
Generally, goodwill is not amortized but tested for impairment at least annually. But a private company or not-for-profit entity has an accounting alternative. The presenter Vipul Mittal explains this accounting alternative in an easy to understand manner.
FAR CPA Video: Useful Life of Intangibles
The accounting for a recognized intangible asset depends on the useful life to the reporting entity. And the useful life may be finite or indefinite. This video explains all you need to know regarding the useful life of intangibles.
DRS: CVP Analysis and Capital Budgeting - BEC
In this video the presenter Vipul Mittal discusses a document review simulation on the BEC section of the CPA exam. This simulation tests your understanding, knowledge and application aspects on cost-volume-profit analysis and capital budgeting.
FAR CPA Video: Derivatives Used as Hedging Instrum
Derivatives find a favor among companies as these are easy and less costly way to protect themselves from unforeseen risks. But derivatives that are used as hedging instruments are subject to the special hedge accounting. Through this video, Vipul Mittal helps you understand the special hedge accounting.
Task Based Simulation: Property Taxation - REG
Don’t be scared of simulations. It’s just that you have to understand the concepts well and apply the knowledge to simulations. In this video the presenter discusses a task based simulation on the Regulation section of the CPA exam.
FAR CPA Video: Aggregation Criteria of Segment Rep
One important concept when presenting information separately for segments is ‘aggregation’. It is that 2 or more segments may be aggregated and reported as a single segment. This aggregation of two or more segments into a single segment for segment reporting purposes may happen at 2 levels. The author Vipul Mittal explains the aggregation criteria using an example in an easy to understand manner.
When you contribute services to a qualified organization, you can't deduct the value of your services given to the organization? But you may be able to deduct some amounts you pay in giving services to a qualified organization. In this video, Vipul Mittal discusses the deduction for those expenses.
CPA FAR Video: Software to be Sold, Leased or Mark
A software (that is to be sold, leased or marketed) may be sold as a separate product or as part of another product or process. In fact, software is sometimes embedded in a product and sold as part of the product as a whole. Vipul Mittal discusses accounting for a software that is to be sold, leased or marketed in various different scenarios.
Bankruptcy Process - REG - CPA Exam Video
Bankruptcy may be an option for a person who cannot pay his or her debts. So, instead of repaying debts, many people consider bankruptcy as a mechanism to wipe out their debts. In this CPA exam video, the presenter Vipul Mittal discusses the bankruptcy process in a manner that is easy to understand.
FAR CPA Video: Types of Derivative Instruments
The 4 common types of derivatives are options, futures, forwards and swaps. Watch this CPA exam to know more about these derivatives.
FAR : Underlying and Net settlement (Derivatives)
Underlying and net settlement are two important characterstics of a derivative instrument. Watch this CPA exam video to understand those characteristics.
Credit Losses on Financial Assets Measured at Amor
The underlying principle of ASC 326 is that an entity holding financial assets is exposed to credit risk. So, a credit loss may exist when a financial asset is purchased or originated. In this CPA exam video, Vipul Mittal discusses the recording of credit losses on financial assets measured at amortized cost.
FAR :Concept Statement No. 8 - Objectives of Gener
The concept statement no. 8 states the objective of general purpose financial reporting. The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors. In this CPA exam video, Vipul Mittal discusses this objective in detail.
Document Review Simulation: R&D Expense - FAR
In this video the presenter Vipul Mittal discusses a Document Review Simulation on the FAR section of the CPA exam. This simulation tests your knowledge and understanding regarding the accounting for research and development expense.
REG: Deduction for Qualified Disaster Losses and D
While claiming casualty and theft loss deduction for qualified disaster losses and disaster area losses, you should keep in mind certain special rules. In this video, Vipul Mittal discusses those rules.
Audit and Appeal Process - REG - CPA Exam
Watch this CPA exam video by Vipul Mittal, if you want to get a good understanding of the audit and appeal process as it relates to the federal tax matters.
COSO’s Internal Control Framework - BEC
COSO released its original Internal Control framework in 1992 and updated this framework in 2013. The COSO’s internal control framework is widely used across the globe and is recognized as a leading framework for designing, implementing, and operating internal control and assessing the effectiveness of internal control. This CPA exam lecture explains the framework that outlines an approach or recommended best practices that companies should generally follow.
REG: Items that Qualify for Medical and Dental Exp
There are a lot of items that qualify for medical and dental expenses deduction. So, watch this video and get to know all those items.
FAR - Credit Losses: Available-for-Sale Securities
An impairment of available-for-sale debt securities may be due to credit related factors or noncredit related factors or both. In the CPA exam lecture, Vipul Mittal explains how to record an impairment loss and a credit loss in respect of an AFS debt security.
COSO’s Enterprise Risk Management – BEC
Management faces a challenge of determining how much uncertainty or you can say how much risk, the organization is prepared to accept and is capable of accepting. ERM or enterprise risk management allows management to balance risk against opportunity. This CPA exam video lecture discusses Enterprise Risk Management framework issued by COSO.
Deduction for Business-Related Meals: REG
You can generally deduct only 50% of the cost of business meals. So, the cost of meals while traveling away from home on business, or at a business convention or business meeting is deductible subject to 50% limit. But this is a general rule and you may be able to deduct 100% of the cost of business meals. In this video, Vipul Mittal explains all this.
Equity Method of Accounting - FAR – Investments
The FASB requires that an investor should use the equity method to account for the investment when it is able to exercise significant influence over the operating and financial policies of the investee. In this CPA exam video, Vipul Mittal discusses the equity method in a manner that is easy to understand.
Deduction for Business Use of Car - REG
If you use your car for business purposes, you may be able to deduct car expenses. And you generally can use either the standard mileage rate or the actual car expenses to determine your deductible expenses. Watch this CPA exam video by Vipul Mittal to know whether you are eligible to use the standard mileage rate and what all you can deduct when you are using the actual car expenses.
Accounting for Investment in Equity Securities
When you are classifying and accounting for investments in equity securities you need to check whether such investments give you control or such investments gives you the ability to exercise significant influence. Also you need to check whether the fair value of the equity securities can be determined. The presenter Vipul Mittal explains this topic in an easy to understand manner and makes things smooth for you.
REG: Medical and Dental Expenses Deduction for Cap
Did you know that you may be able to include in medical expenses amounts you pay for special equipment installed in your home or your car, or the amount you pay for improvements that you do in your home? Through this video, Vipul Mittal helps you understand this.
Deductible Business Expenses - Transportation Expe
Transportation expenses incurred in getting from one workplace to another, visiting clients, and going to a business meeting are deductible. This video explains all you need to know when claiming a deduction for transportation expenses from your gross business income.
FAR - Credit Losses: Example on AFS Securities
The FASB requires you to determine whether a decline in fair value of an available-for-sale debt security below its amortized cost basis has resulted from a credit loss or other factors. Vipul Mittal explains, using an example, how to account for loss due to credit related factors and loss due to noncredit related factors.
Special Rules – Charitable Contribution Deductio
This CPA exam video discusses deduction for donation of used clothing, household items, cars, boats, airplanes and inventory. These donations to qualified organizations are subject to certain special rules. Watch this video and understand those rules.
Deduction for Business Entertainment Expenses - RE
Generally entertainment, amusement and recreation expenses are not deductible. Watch this video, to determine whether any particular activity is an entertainment and under what circumstances you may be able to deduct entertainment expenses.
FAR: Revenue Recognition – 5 Step Process
Revenue recognition is a process and this process involves 5 steps. So, in order to recognize revenue you need to complete all the 5 steps. Go through this video to understand this 5-step process.
Deduction for Business Use of Home: REG
If you use your home for business, you may be able to deduct a portion of the expenses of the home as business expenses. But there are a lot of rules regarding this. In this video, Vipul Mittal explains those rules in a manner that is easy to understand and with a lot of examples.
CPA Exam Video on Secured Transactions - REG
Terms such as security interest, lien, perfection and collateral are commonly used in secured transactions. In this video, the presenter Vipul Mittal discusses these concepts and clears the confusion surrounding them. Go through this video to get the necessary understanding and crack the CPA exam.
Suretyship - REG - CPA Exam Video
Suretyship is one type of debtor-creditor relationship that is tested on the CPA exam. Suretyship is an arrangement in which a person promises to the creditor to pay the debt owed by the debtor. In this arrangement 3 parties exist: debtor, creditor and surety. This video explains the concept and the various parties involved in a suretyship arrangement in a very easy manner.
FAR - Goodwill: Quantitative Impairment Test
An entity is required to perform the quantitative impairment test at the reporting unit level to determine the amount of goodwill impairment loss. In this CPA exam video, Vipul Mittal explains how to record goodwill impairment loss and how to calculate carrying amount and fair value of a reporting unit.
There are a few circumstances when your investment in debt securities should not be classified as held to maturity. So, watch this video and get to know all those circumstances.
Warranties – Revenue Recognition: FAR
An entity may provide a warranty in connection with the sale of a product. In this video, the presenter Vipul Mittal explains the accounting treatment of warranties so far as it relates to revenue from contract with customers.
Equity Method Not Allowed - FAR
In certain cases, even though you own more than 20% voting stock, still you are not allowed to use the equity method of accounting. In this video, Vipul Mittal explains those circumstances in a manner that is easy to understand.
If a financial asset is secured by a collateral, then the FASB requires you to consider the collateral arrangement. To understand accounting and reporting of collateral dependent financial assets, just watch this CPA exam lecture by Vipul Mittal and crack any question you get on this topic in the CPA exam.
Excess Business Loss: REG – CPA Exam
Suppose you have a loss from business. What will you do? Will you deduct this from positive incomes? So, just watch this video to get the answer to this question and the understanding you need regarding excess business losses.
Means Test: Bankruptcy Code - REG
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 introduced a means test to determine whether the bankruptcy petitioner filing for Chapter 7 is presumed abusive. The means test looks at your income, and in some cases your expenses and debts, to determine whether you could afford to pay back at least some of your debts. This videos explains the means test, the calculations involved in the means test and what if you fail the means test.
Dividend Income: REG – CPA Exam
If you have ordinary dividends and qualified dividends, then you may be required to attach schedule B to furnish details of your dividends income. In this video, the presenter Vipul Mittal explains the tax treatment in an easy and interesting manner. So, watch this video to understand every detail that you need to know to crack any question in your CPA exam on this topic.
Example on Goodwill Impairment Test - FAR
In a quantitative goodwill impairment test, you compare the fair value of a reporting unit with its carrying amount and identify goodwill impairment loss. Vipul Mittal explains how to account for goodwill impairment loss when the business could be sold in a taxable and nontaxable transactions.
De Minimis Safe Harbor: REG Section
One interesting and important concept is the de minimis safe harbor. The presenter Vipul Mittal explains this topic in an interesting manner. So, watch this video and understand what is de minimis safe harbor.
Significant Financing Component – Revenue Recogn
Knowing and understanding significant financing component is important for properly recording revenue from customers. So, when determining the amount of consideration, you should also consider whether the promised consideration includes a significant financing component. Watch this video to get the required knowledge regarding significant financing component in order to crack any question on this topic in the CPA exam.
Order of Distribution: Bankruptcy Code - REG
One of the most important element of chapter 7 liquidation is the distribution of cash and other assets that form part of the estate. So, there is a definite order of distribution to various claimants. Watch this video and understand this with the help of a mnemonic.
Credit Losses - Purchased Financial Assets with Cr
Watch this CPA exam video by Vipul Mittal to understand accounting and reporting of a purchase of a financial asset when on the date of purchase there exist a deterioration in credit quality.
CPA Exam Lecture on Suretyship and Lien - REG
Watch this video, if you have trouble understanding terms such as mechanic’s lien, possessory lien, attachment lien and judgment lien. The presenter Vipul Mittal explains these terms with examples to make things smooth for you.
Strategic Management - BEC
In this video, the presenter explains strategy, strategic management and the strategic management process. Now this may sound interesting and believe me it is. So let’s get going.
FAR: Going Concern Issue
When preparing financial statements, management is required to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern. This videos explains the management evaluation process in a step-by-step manner.
The Law of Supply : Microeconomics – BEC
Microeconomics studies the economic behavior of an individual, a household, a firm, or an industry. This CPA exam video lecture discusses the law of supply. Just go through this video lecture and smoothly understand the law of supply.
Revenue Recognition: Repurchase Agreements - FAR
Revenue recognition in respect of repurchase agreements is complex. This is because a repurchase agreement is accounted for as a lease, a financing arrangement or a sale with a right to return, depending upon the circumstances. The presenter Vipul Mittal explains this topic in an easy to understand manner and makes things smooth for you.
Types of Contracts - REG - CPA Exam Video
Watch this video lecture, if you want to get an understanding on the various types of contracts. In this video, Vipul Mittal discusses various different types of contract and clears the confusion surrounding them.
Business Income - REG - CPA Exam Lecture
How you compute your business income? To get an understanding on the computation of business income and various methods available to compute business income, just watch this CPA exam lecture and crack any question you get on this topic in your REG CPA exam.
The 1934 Act - REG - CPA Exam Lecture
The 1934 act provides regulation for issuers, market and professionals. This Act primarily regulates transactions of securities in the secondary market. Watch this video to get the required knowledge of this Act in order to crack any question on this topic in the CPA exam.