Upon successful completion of this course, participants will be able to:

Section 1

• 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

Section 2

• 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

Section 3

• 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

Section 4

• 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