ASC 740: Impacts on Your Financial Statements

$199.00

SKU: 410521

Description

Gain an improved understanding of the technical requirements under ASC 740 and better advise your clients.
ASC 740 calculations and reporting of income tax provisions require painstaking attention to detail and expertise that is often beyond the inhouse capabilities of responsible parties at many public corporations and businesses looking to go public. ASC 740 standards define the threshold for recognizing deferred tax assets (future benefit) or deferred tax liabilities (future detriment). Because of the focus on assets and liabilities, ASC 740 largely pertains to the balance sheet and the changes in taxes payable and receivable over multiple periods. What is left over from period to period on the balance sheet is expensed.
This course will provide an overview of the basic principles of ASC 740 around key principles of the accounting standard and provide illustrations for the various components that feed accurate calculation and reporting. An exploration of the impact ASC 740 has on financial statements and disclosures, as well as a demonstration of several advanced situations regarding compensation, business combinations, and transfer pricing, will round out this course.

Date: 2023-06-08 Start Time: 1:00 PM ET End Time: 2:40 PM ET

Learning Objectives

* You will be able to explain ASC 740 principles.

* You will be able to identify permanent and temporary differences.

* You will be able to describe the various components that go into an ASC 740 calculation.

* You will be able to discuss the impact of uncertain tax positions and valuation allowance considerations.

Identify and Discuss the Principles of ASC 740
• Total Tax Provision Calculation
• Jurisdiction-By-Jurisdiction Approach
• Balance Sheet Approach
• Types of Taxes

Calculating Current and Deferred Income Tax
• Calculation Objectives
• Permanent and Temporary Differences
• Illustrating an Income Tax Provision With Receivables, Deferred Taxes and Liabilities, Uncertain Tax Position, Valuation Allowance, and Tax Expense

Defining Uncertain Tax Positions
• Definition
• Identifying and Analysis of Uncertain Tax Positions
• Preparation of Uncertain Tax Position Disclosures

Valuation Allowance
• ‘More Likely Than Not’ Considerations
• Four Sources of Taxable Income
• Recognition of Deferred Tax Assets

Describing Income Tax Accounting for Advanced Situations
• Transfer Pricing as It Relates to ASC 740
• Stock-Based Compensation
• Impact of Business Combinations on ASC 740

AIPB ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Dan DeLau-TaxOps, Lindsay Haskell – TaxOps