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.
Course ID: AIT
Accounting for Deferred Income Taxes
- Recall the principles of ASC 740.
- Recall how to calculate income tax expense and deferred tax liabilities and assets.
- Identify steps necessary to determine if the valuation allowance is needed.
- Identify components of proper documentation of deferred income taxes in the workpapers, as well as required disclosures within the financial statements.
- 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