Since its inception nearly 25 years ago, many have continued to struggle with applying the current model for accounting for income taxes. But this doesn’t have to be you. This course will provide you with the basic knowledge necessary to understand the complexities of this challenging topic. Through discussions and use of exercises, this course will analyze the authoritative literature to provide a thorough understanding of such topics as deferred taxes, income tax expense, uncertain tax positions and other classification and disclosure requirements. We’ll also explore the changes on the horizon to accounting for income taxes.
Lastly, the course will cover the financial accounting implications of the Tax Cuts and Jobs Act (TCJA), which will continue to impact financial reporting throughout 2018. This will include a review on the general guidance in ASC Topic 740 for accounting for changes in tax laws and rates, as well as a deeper dive into the accounting implications of specific changes found in the TCJA and recently issued implementation guidance from both the FASB and SEC.
- The sources of deferred tax assets and liabilities
- Calculating the deferred tax asset or liability
- Reporting income-tax expense and balance sheet items
- Accounting for the impact of the TCJA and other changes in tax law and rates
- Defining, analyzing, and reporting uncertain tax positions
- Classification of deferred tax assets and liabilities
- Disclosure requirements
- Recent and proposed changes to the accounting and disclosure requirements for income taxes
- Identify and calculate the deferred tax asset or liability for an entity
- Determine when and how to report uncertain tax positions
- Calculate and report the components of income tax expense
- Explain the financial accounting impact on income taxes due to the TCJA
- Develop appropriate disclosures
- Comprehend recent and proposed changes to accounting guidance for income taxes