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Course Details

Basics Of Income Tax Accounting

Seminar: ID# 1003943
Basics Of Income Tax Accounting
About This Course:
This course is an introduction to the concepts and rules under ASC 740. It is intended for someone who is just beginning work with Accounting for Income Taxes or for someone who wants to review the rules regarding this issue.

Here's what you'll learn:

  • Temporary Differences
  • Calculation of the Current Provision
  • Calculation of the Deferred Provision
  • Valuation Allowance
  • True-Ups of the Income Tax Provision
  • Disclosure Requirements
  • Effective Tax Reconciliation

COURSE OVERVIEW

  • Objective of course and standard
  • History of standard
  • Review of related financial standards

TEMPORARY DIFFERENCES WITH CASE STUDY

  • Definition of temporary difference
  • Taxable temporary difference versus deductible temporary difference
  • Examples of temporary differences
  • Calculation of a temporary difference

DEFERRED TAX PROVISION

  • 5 step process
  • Appropriate tax rate to use
  • Calculation of deferred tax provision

CURRENT TAX PROVISION WITH CASE STUDY

  • Permanent differences
  • Appropriate tax rate to use
  • Calculation of current tax provision

VALUATION ALLOWANCE

  • Discussion of more likely than not
  • Sources of income
  • Positive versus negative evidence
  • Subsequent recognition of valuation allowance

RETURN TO PROVISION ADJUSTMENT WITH CASE STUDY

  • How to do a return to provision adjustment
  • Effect on income statement and balance sheet of a TRP adjustment

FINANCIAL STATEMENT DISCLOSURE REQUIREMENTS WITH CASE STUDY

  • Information required to be disclosed in the footnotes
  • Effective rate reconciliation
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Basics Of Income Tax Accounting
Price: $895.00
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Course Details
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