Income Tax Accounting - Tax Staff Essentials

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How has tax reform affected income tax accounting?

Understand how the rules of FASB ASC 740 establish guidelines for accounting for income taxes, including income tax expense, classification of deferred tax accounts, and related disclosures — all updated for tax reform.

Practical case studies will give you a look at how to account for different deferred tax scenarios. Comparisons of the accounting for income taxes under both U.S. GAAP and IFRS are detailed.

This course provides CPE credit in the Accounting field of study.

Who Will Benefit?

• Tax staff and senior associates
• Controllers
• Tax directors

Key Topics

• Principles of FASB ASC 740
• Income tax expense and deferred tax liabilities and assets
• Valuation allowances
• Proper documentation of deferred income taxes in working papers
• Required disclosures within the financial

Learning Outcomes

• Recall the principles of FASB ASC 740, Income Taxes.
• Recall how to calculate income tax expense and deferred tax assets and liabilities.
• Identify steps necessary to determine the valuation allowance.
• Identify components of proper documentation of deferred income taxes in the working papers, as well as required disclosures within the financial statements.