Advanced Income Tax Accounting - Tax Staff Essentials

Overview

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This course will help tax professionals understand the increasingly complex rules governing income tax accounting with active scenarios and practical exercises that guide you on how to address these rules.

Learn the specifics of applying FASB Accounting Standards Codification (ASC) 740, Income Taxes: Simplifying the Accounting for Income Taxes, as well as the impact IFRS has had on accounting for income taxes. You will also take on issues in dealing with other accounting standards in conjunction with FASB ASC 740.

This course will also discuss intra-entity transfer of assets other than inventory; classification of deferred taxes; and improvements to employee share-based payment accounting - all updated for the most recent legislation.

Highlights

Key Topics

• FASB ASC 740
• Comparison of FASB ASC 740 to IAS 12, Income Taxes
• Intra-period tax allocation
• Business combinations
• Stock-based compensation

Prerequisites

None

Designed For

Who Will Benefit

• Tax directors
• Tax professionals

Objectives

Learning Outcomes

• Apply the complex rules of FASB ASC 740 to new and challenging situations.
• Identify the similarities and differences between U.S. GAAP and IFRS regarding deferred tax implications.
• Apply FASB ASC 740 to state and local income tax complexities.
• Determine the applicable tax rate for complex situations.
• Schedule temporary differences in various complex situations.
• Apply FASB ASC 740 to FASB ASC 805, Business Combinations, and FASB ASC 810, Consolidation, and to noncontrolling interests in consolidated financial statements.
• Apply intra-period tax allocation with a five-step approach to more complex situations.
• Apply FASB ASC 740 to stock-based compensation issues.
• Compute the valuation allowance, considering items that reduce the need for an allowance.