Understand the rules of ASC 740, Income Taxes, and how these rules
establish guidelines for accounting for income taxes, including income
tax expense, classification of deferred tax accounts, and related
disclosures. Case studies give you a practical look at how to account
for different deferred tax scenarios. You will also receive a comparison
of the accounting for income taxes under both U.S. GAAP and IFRS.
Learning Objectives
Apply the principles of ASC 740 to their own or to clients' scenarios
Demonstrate an understanding of 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
Major Topics
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
