Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides a comprehensive review of U.S. GAAP for income tax accounting which is found in the FASB Accounting Standards Codification (ASC) Topic 740, “Accounting for Income Taxes.” The course provides the theoretical concepts found in ASC 740 and many hands-on examples and illustrations to help you apply the guidance in ASC 740 in practice.
In the course, you will review the various accounting and reporting areas that are affected by ASC 740, including accounting for uncertainty in income taxes, business combinations, stock compensation, state and local taxes, and intraperiod tax allocation. We will also discuss the effect of recent tax law changes on accounting for income taxes, including the U.S. CARES Act. Lastly, we’ll review proposed accounting standards updates that will have an effect on income tax accounting, including proposed changes to financial reporting and disclosures for income taxes.
DESIGNED FOR
Accounting and auditing practitioners desiring to enhance their understanding of the preparation and review of current and deferred income tax provisions and deferred tax assets and liabilities.
BENEFITS
- Recognize the theory of income taxes and how this theory can be applied to practical situations
- Identify the scope, objectives, or basic principles of FASB Accounting Standards Codification (ASC) 740, Income Taxes
- Identify recognition and measurement of current and deferred income taxes under FASB ASC 740
- Identify and measure temporary differences
- Recognize how to schedule temporary differences to future tax periods when necessary and understand the reversal patterns for these differences
- Utilize hands-on examples and illustrations to increase overall understanding and application of the material
HIGHLIGHTS
- Book/tax differences and identifying temporary differences
- Computing corporate tax liabilities and current provisions for income taxes
- Computing deferred tax assets and liabilities and deferred provisions for income taxes
- Reporting and disclosure under FASB Topic 740 – Theory and Examples
- Accounting for uncertainty in income taxes
- Intraperiod tax allocations
- Stock compensation – ASC Topic 718
- Interim period tax reporting
- State and local tax provisions
- Accounting for acquired differences in business combinations and other purchase transactions
- Effect of U.S. CARES Act and other recent tax law changes on ASC Topic 740
COURSE LEVEL
Intermediate
PREREQUISITES
Ex.perience in accounting
ADVANCE PREPARATION
None