This CPE course assists you in understanding 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.
Additionally, this course contains case studies to 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 liabilities and assets
Identify steps necessary to determine the valuation allowance
Identify components of proper documentation of deferred income taxes in the workpapers, as well as required disclosures within the financial statements
Key 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
Who will it benefit?
Tax Staff Training, Level 3 training identifies the more difficult areas for experienced tax compliance specialists. Those with approximately 3 years of tax compliance experience.
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