Wine Industry Fundamentals: Tax, Accounting and Auditing

Description

If California were a separate country, it would be the world's fourth-largest wine producer. An industry of that size requires accounting and financial professionals who know the latest information on accounting, auditing and taxation. Experienced, knowledgeable practitioners will teach you what you need to know about tax, accounting and auditing for the wine industry. Topics will be determined by the planning committee and will be based upon what they are seeing in their practice or with clients.

All CalCPA Education Foundation conferences include:

Highlights

2015 subjects will be updated soon. 2014 major subjects included:

• Fixed asset accounting
  • Accounting for fixed asset aquisition, construction, reporting and depreciation
  • Differences between GAAP treatment and tax accounting
  • Self constructed assets
  • Effect of the preproductive period cost election on depreciations of farm assets
  • Aquisition accounting in business acquisitiong and combinations
• Inventory accounting
  • LIFO
  • Tax elections to simplify calculations or result in a more immediate tax benefit
  • What belongs in wine costs in financial statement and tax returns

Objectives

• Recall basic principles of wine industry tax, accounting and auditing.
• Identify issues that could be problematic.
• Recognize legislative updates, and new tax and accounting standards.
• Outline best practices for winery operations.

Designed For

CPAs and financial professionals who work in public accounting and have wine industry clients. Winery professionals who want a better understanding of what their CPA needs from them.