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
Upon completion of this webcast, participants will be able to:
Recall the principles of ASC 740
Recall how to calculate income tax expense and deferred tax liabilities and assets
Identify steps necessary to determine the valuation allowance
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
Provider
AICPA
Course Level
Basic
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
8
Who Should Attend
Senior staff 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.