- The balance sheet approach to accounting for income taxes
- The handling (from creation to write-off) of deferred tax assets and deferred tax liabilities
- Need for a valuation account in certain circumstances
- Specific examples of differences – temporary and permanent
- Special topics such as accounting for net operating losses, multiple tax rates etc.
WHY SHOULD YOU ATTEND
Attendees will take away valuable information such as:
- Knowledge of the balance sheet approach for accounting for income taxes.
- A historical accounting for why the profession changed from an income statement approach to the balance sheet approach.
- A complete understanding of what are deferred tax assets and deferred tax liabilities.
- A grasp of the difference between temporary differences and permanent differences.
- Circumstances that require use of a valuation account.
- Accounting for current provision
- Accounting for deferred provision
- Temporary difference and how they “turn around” or reverse
- Permanent difference and how they are ignored for deferred tax purposes
- Net operating losses – carry backs, carry forwards
- Tax rate considerations
- Future rates/revisions of future rates
- Special issues
- Multiple temporary differences
- Multiple tax rates
- Intra-period tax allocation
- The historical problems associated with accounting for income taxes.
- How the balance sheet approach dramatically changed income tax accounting.
- The fundamentals surrounding the accounting for income taxes.
- Future activities and their impact on deferred tax assets and/or liabilities.
- The different handling of temporary differences and permanent differences.
- The creation of deferred tax balance sheet accounts.
- Need for a valuation account when it is more likely than not that the net deferred tax asset will not be realized in full.
- Basic provisions of SFAS 109 (ASC 740-10).
WHO WILL BENEFIT
- Tax accountants
- Auditors – internal
- Auditors – external
- Senior management
- CPAs – External
- Financial statement preparers
- Financial statement reviewers
- Controllers’ personnel
- Audit committee members
- Treasury personnel
For more detail please click on this below link:
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