CPE: 8 hours
Advanced prep: None
Who should attend: Senior staff in public accounting who assist clients with income tax calculations and disclosures
Yellow Book: No
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.
When you complete this course you will be able to:
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
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