A Practical Approach to ASC 740 (486)

General Description:

ASC 740, the financial accounting standard for computing and reporting income tax provisions, demands painstaking attention to detail. This course will provide an overview of the basic concepts of ASC 740 and the practical affect on financial statements and disclosures for recent changes in laws and regulations on the income tax provisions, deferred tax assets and liabilities, business combinations, and shareholder reporting.

Learning Objectives:

After completing this course the participant will be able to:

• Summarize the principles of ASC 740, types of taxes, and the business application.
• Illustrate an income tax provision with receivables, deferred taxes and liabilities, uncertain tax position, valuation allowance, and tax expense.
• Recognize the difference between accounting estimates and errors, and the impact of ­variable tax rates on each component.
• Describe income tax accounting for stock-based compensation.
• Identify legal, regulatory, and situational factors that impact accounting for income taxes.
• Explain the impact of business combinations on ASC 740.
• Define transfer pricing as it relates to ASC 740.
• Communicate more effectively with auditors.
• Distinguish between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) tax accounting treatment.

Instructors:

Lindsay Haskell, CPA, is director of corporate tax at TaxOps in Denver. She has private and public sector experience in corporate, income tax provision (ASC 740) and compliance as well as indirect tax experience to creating solutions that work for businesses. She earned an M.S. in accountancy at Bentley University. Prior to joining TaxOps she worked in tax compliance and provision at EY and also in private industry.

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