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CPE Self-Study

Accounting for Deferred Income Taxes

  • $149.00-$189.00
    Accounting for Deferred Income Taxes Backordered Product #: 732853
    AICPA Member: $149.00
    Non-Member: $189.00
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    Product #: GT-AIT

Do you need to understand the rules of FASB Accounting Standards Codification (ASC) 740, Income Taxes? This CPE course offers guidance on how these rules establish guidelines for accounting for income taxes, including income tax expense, classification of deferred tax accounts, and related disclosures.

Additionally, this course contains case studies to give you a practical look at how to account for different deferred tax scenarios. You will also receive a comparison of the accounting for income taxes under both generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). In addition to highlighting income tax provisions and disclosures, this course offers updates for newly issued FASB Accounting Standards Updates (ASUs), as well as a discussion of proposed ASUs.

Learning Objectives

This course will prepare you to do the following:

  • Recall the principles of FASB ASC 740.
  • Recall how to calculate income tax expense and deferred tax liabilities and assets.
  • Identify steps necessary to determine the valuation allowance.
  • Identify components of proper documentation of deferred income taxes in the working papers, as well as required disclosures within the financial statements

Key Topics

  • Theoretical concepts of FASB ASC 740
  • Identifying and measuring temporary differences
  • Identifying tax differences and a four-column worksheet
  • Tax benefits for carrybacks and carryforwards
  • Accounting for uncertainty in income taxes
  • Reporting and disclosure under FASB ASC 740
  • FASB ASC 740-20 intraperiod tax allocation
  • Case studies and examples illustrating theory and concepts

Who Will Benefit?

Staff and senior associates in public accounting who work with tax calculations and disclosures. Controllers, CFOs, or officers responsible for income tax calculations and disclosures.

System Requirements

About the Authors

Bobby Carmichael ED.D, CPA

Robert F. Carmichael is licensed as a Certified Public Accountant and is a founding member of Blackwood Holdings Group, LLC, a private equity group headquartered in Orlando, FL, with offices in Beverly Hills, CA, and Shanghai, China. As a licensed CPA, Mr. Carmichael has direct experience in tax, forensic accounting, auditing, business valuation, and financial structuring and forecasting. Mr. Carmichael’s professional experience includes mergers and acquisitions, commercial real estate development and lending, energy industry financial analysis and forecasting, and the development and implementation of corporate governance policies and procedures. He has led the underwriting and finance of more than $5 billion in commercial debt and equity investments.

Prior to founding Blackwood Holdings Group, LLC, Mr. Carmichael held the position of senior vice president at KeyBank NA, where he was responsible for developing and implementing recovery and disposition strategies for OREO assets and distressed loans located in the Midwest and eastern United States.

Mr. Carmichael started his career with KeyBank by establishing and managing the Commercial Real Estate Capital offices in central and north Florida. Prior to joining KeyBank, Mr. Carmichael held the position of senior vice president at Bank of America, where he was responsible for its real estate development efforts in central Florida. Mr. Carmichael was instrumental in developing and launching the bank’s small business lending program. Earlier in his career, he owned a real estate development company in New York, but got his start in commercial real estate with Caldwell Banker Commercial Real Estate Services in New York City. Mr. Carmichael started his accounting career with Shell Oil Company, where he was responsible for reporting offshore exploration and production financial results. He also led the formation of several offshore oil and gas joint ventures with foreign partners.

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

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