Practical Application of ASC 740/FAS 109: Concepts in Building a Basic Tax Provision

Authored by Shamen Dugger
About this Course
Topics covered include: Taxable Income Schedule; Deferred Inventory; Current/Deferred Tax Expense Calculation; Rate Reconciliation; Tax Account Rollforward/Adjusting Journal Entries; Income Tax Footnote/Financial Statements Impacts. Upon completing this course, you should be able to: Recognize and apply the step by step preparation of the six core tax provision schedules; Identify key concepts with practical application of ASC 740/FAS 109; Differentiate temporary difference related to capitalization and cost recovery; Describe permanent tax adjustment items; Recognize adjustments adjusted against regular federal income tax after federal tax credits; Calculate total income tax expenses; Differentiate statements regarding various diagnostic issues related to the practical application examples; Identify cumulative timing differences with respect to deferred inventory at the federal level; Recognize when adjustments against pre-tax income when determining regular federal income tax after federal tax credits should be made; Recognize total current state tax expenses; Identify the source of tax account movements; Recognize the source with respect to federal cumulative timing differences.
$ 65.00
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NASBA Field of Study
CPE Credits
Basic understanding of ASC 740/FAS 109 concepts.
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