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Demystifying The Magic Of Deferred Taxes

Michel Morley

Mike Morley

  • 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.

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.

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