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Accounting for Income Taxes in GAAP Financial Statements (ACCTAX)
This two-day training course includes valuable, detailed guidance that helps financial statement preparers, auditors, analysts and others comprehend the authoritative accounting literature.
The course coverage emphasizes “real life” illustrations, examples and exercises. Specific coverage includes, among other topics, the following:
Background Information · Understanding the Deferred Tax Accounting Problem Created by the “Old” APB Rules · What Exactly is FASB trying to fix? · Income Statement vs. Balance Sheet Approach
Accounting for Income Tax Fundamentals · Pre-tax Financial Income (Reported Net Income) · Taxable Income and Schedule “M” Items · Permanent Differences vs. Temporary Differences · Deferred Federal Income Taxes: “Due To” or “Due From” Uncle Sam · Deferred Tax Asset – A “Soft” Asset · Valuation Allowance for the Soft Asset
The Basic Provisions of SFAS No. 109 (ASC 740-10) · Balance Sheet Approach · Step-by-Step Procedures
Illustrations, Examples and Exercises · Basic Examples · Identification of Permanent and Temporary Differences · Current vs. Non Current Deferred Tax Receivable or Payable · Valuation Account Issues · Tax Rate Considerations · Tax Rate Changes · Undistributed Earnings · Net Operating Losses – Carry Backs and Carry Forwards and their Effect on Deferred Taxes
Financial Statement Presentation Issues · Netting of Assets and Liabilities · Balance Sheet and Income Statement Presentation · Disclosures
Special Issues · Multiple Temporary Differences · Multiple Tax Rates · AMT · Intra Period Tax Allocation · Uncertain Tax Positions
Category: Financial Statement Involvement |
