The current model for accounting for income taxes, ASC 740, is considered to be one of the more challenging areas in accounting and financial reporting standards. This course will provide you with a basic knowledge of the accounting model, including an overview of the authoritative standards for deferred taxes, income tax expense, uncertain tax positions, and the classification and disclosure requirements in financial reporting for income taxes.
Learning Objectives
• Identifying types and sources of deferred tax assets and liabilities
• Understanding temporary book/tax differences that give rise to deferred tax assets and liabilities
• Calculating deferred tax assets and liabilities
• Determining when and how to report uncertain tax positions
Major Topics
• Types and sources of deferred tax assets and liabilities
• Temporary and other than temporary book/tax differences
• Determining current and deferred tax expense or benefit in each reporting period
• Reporting and classifying deferred tax assets and liabilities and income tax expense
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