Accounting for income taxes is one of the more challenging topics of financial accounting. Corporations must file income tax return following the guidelines developed by the IRS. Because GAAP and tax regulations differ in several ways, so frequently do pretax financial income and taxable income. Hence, the amount that a company reports as tax expense will differ from the amount of taxes payable to the IRS. Those differences produce a complex accounting standard. Tax-related restatement is one of the leading causes of financial restatements.
This course is designed to help you navigate the complexities of income taxes. It identifies ASC 740 Income Taxes accounting and financial reporting requirements for the effects of taxes based on income. It describes the basic principles such as the asset and liability method, tax positions assessment, and the effect of temporary differences. It explains how to assess whether a valuation allowance is necessary for its deferred tax assets. It also covers key concepts such as asset acquisition, intra-period allocations, and interim reporting related to income taxes. Finally, it addresses financial statement presentation and disclosure. Specific examples are included to illustrate the application. Relevant references to and excerpts from ASC 740 are discussed throughout the course.
To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate.
Upon course completion A course evaluation form is provided for your feedback.
Participants have 1 year from the date of purchase/enrollment to complete this course
Our Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/