Accounting for Income Taxes FLEXCAST

Overview

Accounting for income taxes presents a unique challenge in financial accounting, often creating a discrepancy between pretax financial income and taxable income due to the differences between GAAP and tax regulations. This course is tailored to untangle these complexities. You will delve into the intricacies of ASC 740 Income Taxes, covering everything from the asset and liability method to uncertain tax position assessments. The course goes beyond theory, offering practical insight into the nuances of temporary differences, valuation allowances, and interim reporting. It also addresses asset acquisition and intra-period allocations, ensuring a comprehensive understanding of income tax accounting. By providing clear explanations and specific examples, the course equips you with the skills to reconcile the divergences between accounting standards and tax laws, transforming a daunting task into a manageable part of your financial expertise.

Highlights

Overview of ASC 740. Tax position assessment. Temporary differences. Recognition and measurement. Acquired temporary differences. Intraperiod tax allocation. Income taxes in interim periods. Financial statement presentation and disclosure. Transactions directly between a taxpayer and a government. Separate financial statements of a subsidiary. Inter-period tax allocation. Dividends on restricted stock and options. Property taxes. U. S. GAAP vs. IFRS.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Recognize the basic principles of accounting for income taxes. Identify recognition and measurement requirements for uncertain tax positions. Recognize temporary differences and identify how these differences may arise. Distinguish between permanent and temporary differences. Identify method for computing deferred taxes. Recognize basic rules for income taxes in interim reporting. Recognize the reporting requirements for income taxes.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.