Accounting for Deferred Income Taxes: SFAS No. 109/FIN 48 (111031)
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Description:
No other area in accounting is as far reaching, and requires knowledge of a vast number of topics in financial and tax accounting, as accounting for deferred taxes. Traditionally, understanding the complex provisions of FAS 109 typically fell on the shoulders of accountants in business and industry and their independent auditors. Now, with the FASB's June 2006 issuance of FIN 48, it is essential that tax professionals, both in industry and public practice, now become active participants in this process. You will gain a sound knowledge of the theory of deferred taxes and how this theory can be applied to practical situations. Many practical examples are included to illustrate the theory and the information is presented so you will be able to apply this theory to any other situation that you may encounter.
Objectives:
Apply the provisions of FIN 48 to uncertain tax positions Identify and properly classify deferred tax assets and deferred tax liabilities Properly account for operating loss carryforwards and tax credit carryforwards Compute the valuation allowance with consideration given to items that are allowed to reduce the need for an allowance Apply the reporting and disclosure requirements to many practical situations
Major Topics:
Basic theory for accounting for income taxes as a refresher Temporary differences Principles of reporting and disclosures under SFAS 109 Accounting for uncertainty in income taxes under FIN 48
Who Should Attend:
Accountants in industry and public practice who are involved in financial reporting
Prerequisite:
Experience in financial reporting
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