Course/Product Description Title: Tax Accounting for U.S. Multinationals (FAS #109) Duration: 2 days Description: Upgrade your Tax Department’s knowledge of the latest tax accounting rules and learn how the latest SOX regulations can affect the assembly and compilation of 2008 and 2009 tax provision data at your company. Learn from our experienced staff of tax professionals how the latest tax accounting rules under FAS #109 apply, and find out how companies identify current and deferred tax assets and liabilities and how they go about documenting them. This course is designed as a basic level tax accounting course for beginners, as well as experienced tax practitioners who need to update their knowledge of the latest FAS #109 developments. Find out how your company can establish internal controls that satisfy the SOX documentation requirements. Only CITE offers specific workshops on key areas of corporate tax accounting, including consolidating the results of foreign operations, accounting for domestic production benefits under Sec. 199 stock-based compensation and accounting for goodwill in M&A transactions. Read through our topic outline and let us know who from your company is interested in attending. Who Should Attend This course with live instruction is designed as a basic level introductory session for corporate tax attorneys and accountants. Financial executives and analysts involved in reviewing financial statements also will find this course helpful. There are no course prerequisites, but a basic knowledge of the U.S. tax rules is necessary. Benefits of Attending Learn how to compute current and deferred taxes in assembling the corporate tax provision under FAS #109 Find out the latest tax accounting requirements for reporting domestic production (Sec. 199) benefits in 2008 Discover how FAS #141 and #142 affect merger and acquisition activity and the treatment of purchased goodwill Find out how transfer pricing and FIN 48 affect financial statement preparation for U.S. multinationals Discover when deferred taxes must be provided and the use of valuation allowances Learn how APB #23 applies to defer the U.S. tax cost on foreign earnings that are permanently reinvested Ascertain how the new FAS # 123 rules for stock options, restricted stock plans and other share-based payments affect your company in 2008 Find out how to document and prepare supporting workpapers for satisfying the Sec. 404 certification requirements Update your knowledge of the Schedule M-3 filing requirements Schedule Day 1 8:00 am Registration and Continental Breakfast 8:30 am CITE Welcome and Introduction 8:45 am Overview of FAS # 109 – Step by Step Approach Understanding the asset and liability approach - key terms and definitions under FAS # 109 How companies calculate the income tax provision for financial reporting purposes - applying FIN #48 Forecasting the effective tax rate - basic tax footnote and quarterly disclosure requirements How to measure current and deferred tax liabilities and assets - understanding valuation allowances and exceptions to deferred tax accounting (e.g.,ARB 51 and APB 23) 10:30 am Break for Refreshments 10:45 am Accounting for Uncertainties in Income Taxes (FIN 48) What constitutes a tax position and when must a tax position be recognized? Ascertaining whether a tax position satisfies the more-likely-than-not standard Determining the amount of benefit or cost, including interest, to be recognized for financial reporting purposes Reconciling subsequent recognition or derecognition of a tax position Application to non-public companies – deferral of effective date under proposed FASB Staff Position (FSP) FIN 48-b 12:15 pm LUNCHEON 1:30 pm Consolidation and Accounting for Foreign Operations and Taxes Special U.S. GAAP accounting issues in consolidating the results of global subsidiaries – consolidation v. equity method Reviewing foreign current v. deferred taxes on foreign income - application of APB #23 to defer U.S. tax on foreign earnings Reporting the results of branches, partnerships or check-the-box entities - inside v. outside basis differences Computing the U.S. tax on foreign income – treatment of foreign withholding taxes – reduction in FTC baskets Treatment of translation gain under FAS 52 3:00 pm Break for Refreshments 3:15 pm Role of Transfer Pricing in Preparing Financial Statements Current audit environment and documentation requirements Transfer Pricing within the scope of FIN 48 - defining and identifying Units of Account - Best Practices for using FIN 48 analyses to the company’s benefit Developing an objective, efficient process for recognition and measurement Performing cumulative probability analyses for intercompany transactions - level of assurance and regulatory considerations 4:45 pm Meeting Adjourns for the Day Day 2 8:00 am Continental Breakfast 9:00 am Accounting for Goodwill and Other Intangibles Tax accounting treatment of goodwill and other intangibles – testing for impairment in computing the income tax provision Understanding how taxable v. tax-free acquisitions and business combinations affect goodwill and EPS Consequences of making a basis step-up election under Sec. 338 – interrelationship with purchase accounting 10:30 am Break for Refreshments 10:45 am Compensation Issues Reporting stock options issued to employees Accounting for stock-based compensation under SFAS 123r and transactions involving stock compensation Income tax accounting for "plain vanilla" stock options - understanding the book v. tax rules Current use of stock options in business combinations and other special situations 12:15 pm LUNCHEON 1:15 pm Reducing the U.S. Tax Rate on Domestic Production Activities Projecting rate benefits from domestic production activities – computing the Sec. 199 deduction in 2005 and 2006 Determining income attributable to production activities and QPAI amounts eligible for the deduction Preparing workpaper support for the Sec. 199 deduction– complying with FSP 109-1 and footnote disclosure – IRS audit update 2:30 pm Break for Refreshments 2:45 pm Comparison of U.S. GAAP and IFRS Tax Accounting Standards Understanding differences between International Accounting Standards (IAS) #12 and FAS #109 Status of the latest EU Accounting Directives Implementation of IFRS Regulations in Canada Material differences between IAS #12 and FAS #109 - IASB – FASB convergence agreement 4:00 pm Meeting Ends Your Registration Fee Includes Continental breakfasts, two lunches, refreshment breaks and documentation binder. Accommodations A limited block of rooms at a reduced rate has been set aside for attendees of our conferences. Please contact the appropriate hotel and mention that you are attending the conference listed under the Council for International Tax Education (CITE) in order to receive the discounted rate. Sleeping rooms are available on a very limited basis. We cannot guarantee rates or availability. Your sleeping room is not included in your registration fee. Atlanta - The Westin Buckhead 3391 Peachtree Road, N.E. Atlanta, Georgia 30326 Phone: (404) 365-0065 Chicago - Hyatt Regency 151 East Wacker Drive Chicago, IL 60601 Tel: (312) 565-1234 or (800) 233-1234 Los Angeles - Le Merigot Hotel 1740 Ocean Avenue Santa Monica, CA 90401 Tel: (310) 395-9700 Limited Time Reduced Room Rate: $250.00 per night San Francisco - Hotel Monaco 501 Geary Street San Francisco, CA 94102 Tel: (415) 292-0100 Substitutions/Cancellations Cancellations received more than 72 business hours prior to the meeting will be issued a credit. A $350 fee will apply to cancellations received within 72 business hours of the event. Credits will not be issued for “no shows”. No credit card or cash refunds will be issued at any time. Licenses / Designations / Educational Credits: CPE / CLE All US States: 15 About The Provider: The Council for International Tax Education (CITE, Inc), a non-profit organization, was formed to educate U.S. and foreign multinationals and companies engaged in international business on the tax, legal and accounting aspects of doing business overseas. Seminar speakers are experts in internal taxation and finance fields and the participants include a broad range of corporate multinational companies. CITE was formerly part of the FSC/DISC Tax Association, Inc. (FDTA) which was formed in 1984. CITE was an outgrowth of the need expressed by our association members to obtain educational seminars and written materials on other areas of international taxation. CITE provides tax publications, newsletters and educational seminars to fulfill its mission. Substitutions/Cancellations Cancellations received more than 72 business hours prior to the meeting will be issued a credit. A $250 fee will apply to cancellations received within 72 business hours of the event. No credit card or cash refunds will be issued at any time. Price: $1,395.00 More Info: Contact Us For More Information

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CPA training