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Demystifying The Magic Of Deferred Taxes

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL

Published: September, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Deferred tax assets accounting issues
    2 mins
  • Why defer taxes?
    11 mins
  • Accounting for Deferred Taxes
    25 mins
  • Management responsibility
    40 mins
  • Measurement of a deferred tax liability or asset
    51 mins
  • What type of information to look for in footnotes?
    68 mins

Course Description

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.

A business needs to account for deferred taxes when there is a net change in its deferred tax liabilities and assets during a reporting period. The amount of deferred taxes is compiled for each tax-paying component of a business that provides a consolidated tax return.

This online continuing education course covers the essential guidelines to be followed when dealing with temporary differences, carrybacks and carryforwards, and whether to recognize deferred tax assets and liabilities.

Major Topics Covered in this online Accounting CPE webinar:

  • Identify the existing temporary differences and carryforwards.
  • Determine the deferred tax liability amount for those temporary differences that are taxable, using the applicable tax rate.
  • Determine the deferred tax asset amount for any carryforwards involving tax credits.
  • The difference between taxes payable (refundable), unrecognized tax benefit liabilities, and deferred tax liabilities (assets).
  • Tax credit carryforwards and tax loss carryforwards.
  • Valuation allowance for deferred taxes.
  • Disclosures.


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Learning Objectives

  • To recognize situations in which a firm is taking a tax position and specify the accounting implications of doing so.
  • To describe the various items that can impact the applicable tax rate.
  • To recognize the various disclosures related to income taxes.
  • To analyze the deferred tax liability amount for those temporary differences that are taxable, using the applicable tax rate.
  • To discuss the deferred tax asset amount for those temporary differences that are deductible, as well as any operating loss carryforwards, using the applicable tax rate.
  • To recognize the deferred tax asset amount for any carryforwards involving tax credits.

Recommended For

  • This online CPE webinar is recommended for CPAs, CMAs, CFOs, and Other Top Management personnel involved in financial Reporting.
  • This online CPE webinar is IIA approved for CIA, IAP, QIAL, and Other Audit Professionals.

Who Should Attend?

  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant
  • Certified Public Accountant
  • CFO/Controller
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)

Presenter

About Presenter

Michel Morley

Founder Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

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