Advanced Income Tax Accounting - Including Practical Application Exercises

Accountants both in business and industry and public practice should be fully up to speed about all issues involving accounting for income taxes. The growing complexity and the difficulty in applying the concepts of this area require an in-depth grasp of the advanced issues and how to address them.

This course not only provides the basis to apply FASB ASC 740 (formerly FAS No. 109 and FIN 48) to most real-life situations, but it also includes practical exercises illustrating the theory. Learn the IFRS impact on accounting for income taxes as well as the impact when dealing with other accounting standards in conjunction with FAS No. 109 and FIN 48.

Prerequisite: Experience in financial reporting and basic knowledge of FASB ASC 740 (formerly FAS 109 and FIN 48)

Objectives: 

1. Apply the complex rules of FASB ASC 740 (formerly FAS No. 109 and FIN 48) to new and challenging situations
2. Identify the similarities and differences between U.S. GAAP and IFRS with deferred tax implications
3. Apply FASB ASC 740 (formerly FAS No. 109 and FIN 48) to state and local income tax complexities
4. Determine the applicable tax rate for complex situations
5. Schedule temporary differences in various complex situations
6. Apply FASB ASC 740 (formerly FAS No. 109) to changes in tax laws or rates, accounting methods, tax status
7. Apply FASB ASC 740, formerly FAS No. 109 and FIN 48 to interim periods
8. Apply FASB ASC 740, formerly FAS No. 109 and FIN 48 to FAS No. 141R, Business Combinations, and FAS No. 160, Noncontrolling Interests in Consolidated Financial Statements
9. Apply intraperiod tax allocation with a five-step approach for more complex situations
10. Apply the provisions of FIN 48 included in FASB ASC 740 (formerly FAS No. 109) to uncertain tax positions
11. Apply FASB ASC 740 (formerly FAS No. 109) to stock based compensation issues
12. Compute the valuation allowance considering items that reduce the need for an allowance

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