Understand the rules of ASC 740 and how these rules establish guidelines for income tax accounting, including the statement of financial position, classification of deferred tax accounts and disclosures. Case studies give you a practical look at how to account for different deferred tax scenarios. Additionally, compare accounting for income taxes under both U.S. GAAP and IFRS.
DESIGNED FOR
Staff and senior associates in public accounting who assist clients with income tax calculations and disclosures. Controllers, CFOs or company officers responsible for the calculation of income tax expense and balance sheet amounts, related disclosures and cash requirements for income taxes.
BENEFITS
- Recall the principles of ASC 740
- Recall how to calculate income tax expense and deferred tax liabilities and assets
- Identify steps necessary to calculate the valuation allowance
- Identify components of proper documentation of deferred income taxes in the workpapers, as well as required disclosures within the financial statements
HIGHLIGHTS
- Theoretical concepts of ASC 740
- Identifying and measuring temporary differences
- Identifying tax differences and a four-column worksheet
- Tax benefits for carrybacks and carryforwards
- Accounting for uncertainty in income taxes
- Reporting and disclosure under ASC 740
- ASC 740-20 intraperiod tax allocation
- Case studies and examples illustrating theory and concepts
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- *AICPA members deduct an additional $30 from the applicable price.
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