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Accounting for Deferred Income Taxes

Author/Moderator: Bobby Carmichael, EdD, CPA
Publisher: AICPA
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Description

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Understand the rules of ASC 740 (formerly known as SFAS 109 and FIN 48) and how these rules establish guidelines for income tax accounting, including the statement of financial position, classification of deferred tax accounts, and disclosures. Case studies give you a practical look at how to account for different deferred tax scenarios. You will also receive a comparison of the accounting for income taxes under both U.S. GAAP and IFRS.

Topics Discussed:

  • Theoretical concepts of ASC 740
  • Identifying and measuring temporary differences
  • Identifying tax differences and a four-column worksheet
  • Tax benefits for carrybacks and carryforwards
  • Accounting for uncertainty in income taxes
  • Reporting and disclosure under ASC 740
  • ASC 740-20 intraperiod tax allocation
  • Case studies and examples illustrating theory and concepts

Learning Objectives:
When you complete this course you will be able to:

  • Apply the principles of ASC 740 to their own or to clients’ scenarios.
  • Demonstrate an understanding of how to calculate income tax expense/OCI and deferred tax liabilities and assets.
  • Identify steps necessary to calculate the valuation allowance.
  • Identify components of proper documentation of deferred income taxes in the workpapers, as well as required disclosures within the financial statements.

Prerequisite: None
Advanced Preparation:  None

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NASBA Field of Study: Accounting
Level: Basic
Recommended CPE Credit: Text, 7.5; On-Demand, 6
Accounting for Deferred Income Taxes
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Accounting for Deferred Income Taxes
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