Demystifying The Magic Of Deferred Taxes

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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 (CMA)
Certified Public Accountant (CPA)
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)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookeeper

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

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.

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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