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 in-house 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.
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.
Agenda
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
Speakers
Lindsay Haskell,
TaxOps- Director of corporate tax
- Specializing in corporate, income tax provision, and compliance for global brands
- Executes cross-functional compliance and planning integration across tax disciplines for a holistic understanding of a business’ tax position, including corporate, income tax provision, international, federal, state, and local tax compliance
- Private industry and public accounting experience
- Former EY
Dan DeLau,
TaxOps- More than 35 years of experience with diverse international and domestic accounting and tax transactions within a U.S. corporate environment working for international accounting firms
- Associate Professor of Accounting, School of Business and Leadership, Colorado Christian University
- Former tax director of multiple public and private companies, each with extensive and complex operations throughout the U.S. and internationally
- Former U.S. tax director for a Fortune 100 company based in Lausanne, Switzerland
- Former EY partner and co-founding partner of TaxOps
Who Should Attend
This live webinar is designed for accountants, controllers, CFOs, tax managers, presidents, vice presidents, business owners and managers, bookkeepers, and enrolled agents.
