A business may issue financial statements with one profit or loss figure, while filing a tax return with a different ending result. These reporting variations are due to differences between the accounting standards and tax regulations. Accounting for Income Taxes covers the essential guidelines to be followed when dealing with temporary differences, carrybacks and carryforwards, and whether to recognize deferred tax assets and liabilities. The course also deals with the proper accounting for tax positions, which tax-related information to disclose in the financial statements, and several related matters. In short, this course is the essential reference for anyone accounting for income taxes.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize situations in which a firm is taking a tax position, and specify the accounting implications of doing so.
Identify those financial statement line items that are stated net of tax.
Describe the various items that can impact the applicable tax rate.
Specify how the tax rate is applied in interim periods.
Recognize the various disclosures related to income taxes.
Major Topics
Overview of Income Taxes
Change in Tax Status
Taxes Related to Undistributed Earnings
Interim Reporting
Income Taxes Presentation
Income Taxes Disclosure
