FASB Topic 740 Updates : Insights into Improved Income Tax Disclosures

Learning Objectives

• To discuss the minimum overall disclosure requirements.
• To analyze the differences between public and non-public entities reporting requirements.
• To explain how this Update addresses the Statement of financial position, the Income statement, and the Statement of cash flows.
• To discuss and understand how to prepare rate reconciliations.
• To explain unrecognized tax benefit-related disclosures.
• To inspect the transition and open effective date information.
• To analyze the other considerations and special tax areas.

Course Description

Explore the FASB's Topic 740 Update in our comprehensive CPE course, unveiling critical amendments to enhance income tax disclosures' transparency and utility for investors, creditors, and capital allocators seeking a profound understanding of an entity's tax landscape and prospects.

Join our online webinar for a detailed dissection of the FASB's Topic 740 Update amendments. Gain insights into how these revisions empower investors, offering a clearer perspective on tax risks, planning strategies, and nuances impacting cash flows and future potential. Tailored for entities under Topic 740, Income Taxes, this CPE course spotlights pivotal improvements in income tax disclosures. Unravel intricacies of rate reconciliation, taxes paid, and essential adjustments demanded by investors for increased income tax transparency.

This CPE Accounting Webinar serves as a comprehensive guide for individuals in investment, credit assessment, and capital allocation decisions. Grasp an entity's exposure to potential tax legislation changes, interpret income tax implications on cash flow predictions, and identify opportunities shaping future cash flows.

Major Topics Covered:

• Income tax disclosures.
• Statement of financial position-related disclosures.
• Income statement-related disclosures.
• Statement of cash flow-related disclosures.
• Rate reconciliation.
• What this update means for Public business entities.
• Unrecognized tax benefit-related disclosures.
• Transition and open effective date information.
• Income taxes—other considerations or special areas.

Step into our course to navigate through the FASB's Topic 740 Update, gaining insights into crucial income tax disclosures. Elevate your understanding of rate reconciliation, taxes paid, and other vital adjustments, enabling informed decisions regarding an entity's tax landscape and financial prospects.

Overview

• Why amendments in this update are an improvement

  6 mins
• Competitive disadvantages and unintended regulatory scrutiny

  14 mins
• Public business entities

  25 mins
• Income statement related disclosure

  39 mins
• Unrecognized tax benefits

  50 mins
• Undistributed earning of subsidiaries and corporate joint ventures

  62 mins
• Previously proposed amendments now included in the update

  71 mins