This CPE course contains the framework of the rules of ASC 740 and how these are manifested in accounting for income taxes, including the statement of financial position classification of deferred tax accounts and disclosures. The course includes case studies of actual scenarios.
Permanent and timing differences
Income tax expense
Effective tax rate
Current income tax liability
Deferred income tax assets and liabilities
Tax basis balance sheet
When you complete this course you will be able to:
Calculate income tax expense for financial statement purposes.
Identify and classify deferred tax assets and deferred tax liabilities.
Complete a worksheet that provides documentation for the reporting and disclosure requirements and for the preparation of required journal entries.
Account for operating loss carryforwards and tax credit carryforwards.
Compute the valuation allowance with consideration given to items that are allowed to reduce the need for an allowance.
Apply concepts to practical situations.
Prerequisite: Basic knowledge of ASC 740
Advanced Preparation: None
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