Overview:
ASC 740 (FAS 109 and FIN 48) is the standard for accounting for income taxes. Hence, financial statement preparers and their accountants need to understand its complexities. By attending this seminar, you will be able to:
- Understand the intricacies of accounting for income taxes
- Ensure that your financial statements contain necessary disclosures
- Account for effects of changes in tax laws or rates
- Incorporate uncertain income tax positions (FIN 48 and ASU 09-6)
- Follow guidance on recent FASB positions and amendments, including those from the FASB Simplification Initiative
Objective:
To thoroughly familiarize accountants with the concepts, standards and procedures of accounting for income taxes. Examples, case studies and discussion questions will give you an in-depth understanding of the nuances of ASC 740 (FAS 109 and updates).
Emphasis:
- Comparison of the income statement and balance sheet approaches
- Identifying temporary differences
- Determining the appropriate tax rate
- Evaluating the need for a valuation allowance, including the use of tax planning strategies
- Guidelines for computing deferred income taxes
- Comparison to International Financial Reporting Standards (IFRS)
- Interim reporting
- Intraperiod tax allocation
- Financial statement disclosure requirements
- Business combinations and goodwill
- Uncertain tax positions (FIN 48 and ASU 09-6)
- Changes to deferred taxes from the FASB Simplification Initiative