Accounting for Income Taxes: Applying Temporary and Uncertain Tax Positions

No other area in accounting is as far reaching, and requires knowledge of a vast number of topics in financial and tax accounting, as accounting for deferred taxes. With the FASB’s issuance of FIN 48, now included in the Codification as ASC 740-10, it is essential that members in industry and independent auditors be joined by tax professionals in industry and practice as active participants in this process. In addition to applying FASB ASC 740's (formerly SFAS No. 109’s) complexities to many common differences between financial accounting and tax compliance, you now must identify uncertain tax positions and apply specific criteria to recognize, measure and disclose these positions in the financial statements. This includes a section on how the guidance for uncertain tax positions applies to nonpublic entities, including pass-through and tax-exempt entities. You will gain a sound knowledge of the theory of deferred taxes and how this theory can be applied to practical situations. Many practical examples are included to illustrate the theory, and the information is presented so you will be able to apply this theory to any other situation you may encounter.

• Apply the complex rules of FASB ASC 740, formerly SFAS No. 109, to new and challenging situations
• Apply the provisions of FIN 48 included in FASB ASC 740 to uncertain tax positions
• Identify and properly classify deferred tax assets and deferred tax liabilities
• Compute the valuation allowance with consideration given to items that are allowed to reduce the need for an allowance
• Utilize a five-step approach for more complex situations including intraperiod tax allocations

Prerequisite:  Experience in financial reporting

*(199-min. video) The DVD disk contains the video presentation and a viewable copy of the Manual.
**The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.