ASC 740 Part 1: Practical Application for Accounting for Income Taxes Based on Income

Welcome to myCPE

Learning Objectives

To identify how to book temporary vs. permanent differences.
To know how to apply the concept of deferred tax assets and deferred tax liabilities to scenarios.
To explain and discuss applying uncertainty for income tax.
To discuss concepts that are embedded in tax based on income.
To apply recognition and measurement issues to examples.

Course Description

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:

Purpose of Deferred taxes
How to book temporary vs. permanent differences
Application of the concept of Deferred Tax Assets and liabilities to scenarios
Application uncertainty for income tax
How to outline concepts that are embedded in tax based on income
How to apply recognition and measurement issues to estimates and errors

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.

Webinar Qualifies For

1.5 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
1.5 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
1.5 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
1.5 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
1.5 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
1.5 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
1.5 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
1.5 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
1.5 PL Credit of Accounting for Chartered Financial Analyst (CFA)
1.5 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
1.5 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
1.5 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1.5 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
1.5 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
1.5 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
1.5 PL Credit of Accounting for CIPM
1.5 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
1.5 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

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.

Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
Leading the Internal Audit Function
Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

Additional Information

Duration

1.5 Hours

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.