Taxing Matters: Decoding Financial Statements through GAAP and IRC Lenses 2 Credits
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Oct 21, 03:00 PM
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Understanding the differences between financial statements prepared under Generally Accepted Accounting Principles (GAAP) and tax returns prepared according to the Internal Revenue Code (IRC) is crucial for accurate financial reporting and compliance.
These two frameworks serve distinct purposes, with GAAP focusing on providing an accurate and fair view of a company’s financial position. At the same time, IRC aims to determine taxable income and ensure proper tax collection. This webinar will explore the key differences between GAAP and IRC, beginning with their fundamental purposes and underlying principles. We’ll dive into how revenue and expense recognition differ between the two systems and how these differences impact financial reporting and tax obligations.
We’ll also address timing and permanent differences that lead to discrepancies between pretax financial income and taxable income, discussing their implications for financial reporting. Through practical scenarios, participants will gain a clear understanding of how these differences play out in real-world corporate financial reporting.
Key topics discussed:
Join this CPE Course, it is essential for finance professionals, accountants, and business leaders who need to understand the complex relationship between GAAP-based financial statements and IRC-based tax returns, ensuring accurate financial reporting and tax compliance.
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Dr. Knight's journey in the world of numbers began with a Bachelor’s degree in Accounting from LSU, followed by a Master of Science in Accountancy from the University of North Texas. His career took off at Deloitte and Touche, LLP, one of the prestigious Big Four accounting firms, where he not only honed his skills but also completed the CPA requirements.
With 15 years under his belt in the realms of accounting and financial analysis, Dr. Knight has mastered diverse areas including tax, financial reporting, financial analysis, and business management. His wealth of experience is matched by his passion for education.
In 2015, he achieved a Doctorate of Business Administration (DBA) and transitioned into academia. Today, he inspires the next generation of accountants and business professionals through his engaging courses at various colleges and universities.
Dr. Knight also conducts impactful training seminars and runs Accounting Hound, a website dedicated to accounting education. An accomplished author, he has published several journal articles and a book on basic accounting principles. Dr. Knight’s dynamic teaching style and extensive expertise make him a sought-after educator in the field of accounting and finance.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
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.
RG
I enjoyed the detailed nature of the presentation.
DW
Very informative and helpful!
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