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
Recall the principles of ASC 740~
Recall how to calculate income tax
expense and deferred tax assets and liabilities~
Identify steps
necessary to determine if a valuation allowance is needed~
Identify
components of proper documentation of deferred income taxes in the
workpapers, as well as required disclosures within the financial
statements~
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 concept
Provider
AICPA
Course Level
Basic
CPE Field of Study
Accounting
8
Who Should Attend
Staff and senior associates in public accounting who assist clients with income tax calculations