ASC 740 Part 1: Practical Application for Accounting for Income Taxes Based on Income 1.5 Credits 1.5 Credits
Learning mode
Even at a basic level, ASC 740 (previously FAS 109), Accounting for Income Taxes, is a challenging pronouncement to master and apply in terms of preparing the corporate tax provision.
In part one of this series, we will examine some of the basic concepts to ensure practical application for accounting for income taxes based on income. From terms and definitions to calculations and reporting, the financial accounting standard for calculating and reporting income tax provisions demands close attention. ASC 740 addresses financial accounting and reporting for the effects of income taxes - federal, foreign, state, and local - that result from an enterprise's activities during the current and preceding years. As a result of these efforts, companies can recognize current-year taxes due or refundable and manage expected future tax consequences of deferred assets and liabilities.
This CPE Accounting Webinar will take the building block concepts learned in the ASC 740 Introduction Course and place practical applications to the concepts. We will use multiple examples and scenarios to explain the concepts. All tax professionals who want a basic understanding of ASC 740/FAS 109 concepts and the tools to prepare basic tax provisions will benefit from this course. These concepts include understanding entities impacted by ASC 740 and defining a “tax based on income”, examining discounting and reviewing concepts of changes in accounting estimates and errors along with temporary and permanent differences.
Major Topics Covered:
Join this course to gain essential insights and practical applications for mastering ASC 740 (previously FAS 109), Accounting for Income Taxes, ensuring accuracy in income tax provisions, and enhancing your expertise as a tax professional.
NOTE – It is recommended that you view the course ASC 740 Introduction – Accounting for Taxes Based on Income before taking this course.
| License details | Credits | Status |
|---|---|---|
| Accounting for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Financial Accounting for Certified Internal Auditors (CIA) | 1.5 CPE | Eligible |
| Financial Reporting for Certified Management Accountants (CMA) | 1.5 CPE | Eligible |
| Financial Reporting for Accredited in Business Valuation (ABV) | 1.5 CPD | Eligible |
| Accounting for Certified Fraud Examiner (CFE) | 1.5 CPE | Eligible |
| Accounting for Chartered Financial Analyst (CFA) | 1.5 PL | Eligible |
| Accounting for Certified Government Financial Manager (CGFM) | 1.5 CPE | Eligible |
| Accounting for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Accounting for Internal Audit Practitioner (IAP) | 1.5 CPE | Eligible |
| Financial Reporting for Certified Financial Forensics (CFF) | 1.5 CPD | Eligible |
| Financial accounting for Certified Valuation Analyst (CVA) | 1.5 CPE | Eligible |
| Accounting for Qualification in Internal Audit Leadership (QIAL) | 1.5 CPE | Eligible |
| Accounting for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Accounting for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Financial accounting concepts for Certified FP&A Professional (FP&A) | 1.5 CE | Eligible |
| Accounting for CIPM | 1.5 PL | Eligible |
| Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1.5 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Accounting for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Financial Accounting for Certified Internal Auditors (CIA) | 1.5 CPE | Eligible |
| Financial Reporting for Certified Management Accountants (CMA) | 1.5 CPE | Eligible |
| Financial Reporting for Accredited in Business Valuation (ABV) | 1.5 CPD | Eligible |
| Accounting for Certified Fraud Examiner (CFE) | 1.5 CPE | Eligible |
| Accounting for Chartered Financial Analyst (CFA) | 1.5 PL | Eligible |
| Accounting for Certified Government Financial Manager (CGFM) | 1.5 CPE | Eligible |
| Accounting for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Accounting for Internal Audit Practitioner (IAP) | 1.5 CPE | Eligible |
| Financial Reporting for Certified Financial Forensics (CFF) | 1.5 CPD | Eligible |
| Financial accounting for Certified Valuation Analyst (CVA) | 1.5 CPE | Eligible |
| Accounting for Qualification in Internal Audit Leadership (QIAL) | 1.5 CPE | Eligible |
| Accounting for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Accounting for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Financial accounting concepts for Certified FP&A Professional (FP&A) | 1.5 CE | Eligible |
| Accounting for CIPM | 1.5 PL | Eligible |
| Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 1.5 CPE | Eligible |
Credits
1.5
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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