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Event Description

Since its inception nearly 25 years ago, many have continued to struggle with applying the current model for accounting for income taxes. But this doesn’t have to be you. This course will provide you with the basic knowledge necessary to understand the complexities of this challenging topic. Through discussions and use of exercises, this course will analyze the authoritative literature to provide a thorough understanding of such topics as deferred taxes, income tax expense, uncertain tax positions and other classification and disclosure requirements. We’ll also explore the changes on the horizon to accounting for income taxes.

Designed For

Practicing CPAs and their staffs, both in public accounting and business and industry — controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Objectives

  • Identify and calculate the deferred tax asset or liability for an entity
  • Determine when and how to report uncertain tax positions
  • Calculate and report the components of income tax expense
  • Explain the financial accounting impact on income taxes due to the TCJA
  • Develop appropriate disclosures
  • Comprehend recent and proposed changes to accounting guidance for income taxes

Major Subjects

  • The sources of deferred tax assets and liabilities
  • Calculating the deferred tax asset or liability
  • Reporting income-tax expense and balance sheet items
  • Accounting for the impact of the TCJA and other changes in tax law and rates
  • Defining, analyzing, and reporting uncertain tax positions 
  • Classification of deferred tax assets and liabilities
  • Disclosure requirements
  • Recent and proposed changes to the accounting and disclosure requirements for income taxes

Prerequisites

Experience in financial accounting and reporting

Instructions

None