Expand your expertise in ASC 740 and learn about complex issues concerning evaluating the need for a valuation allowance. Join Lynne Glennon, CPA as she covers the nuances of reporting, recording, and disclosing uncertain tax positions (FIN 48). Case studies and numerous examples are included to provide a more in-depth understanding of accounting for income taxes.
Upon successful completion of this course, participants will be able to:
- Cite the background and objectives of FIN 48 (ASC 740-10) and identify the underlying principles that it is based upon
- Specify the impact of FIN 48 (ASC 740-10) on various entity types
- Identify the elements of the FIN 48 (ASC 740-10) calculation, noting the measurement and evaluation process
- Identify the components of FIN 48 items, noting the appropriate measurement and recording for the associated assets or liabilities
- Recognize the requirements for filing Schedule UTP, identify the components of that schedule, and determine which items would be reportable therein
- Identify disclosure requirements for both public and private companies
- Identify potential sources of taxable income to consider when calculating the need for a valuation allowance on deferred tax assets
- Cite the considerations addressed when gathering both positive and negative evidence in support of (or disputing) the need for a valuation allowance from deferred tax assets (DTAs)
- Specify the important considerations when forecasting future earnings and cite the steps in the process
- Identify acceptable methods for estimating future taxable income, noting their appropriate application to various company situations
- Recognize the purpose of scheduling, noting the proper implementation of the scheduling process
- Identify tax planning strategies and determine their use as it relates to the recognition and valuation of deferred tax assets
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Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.
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