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Introduction to ASC 740/FAS 109: The Basics of Tax Provision Preparation (TPRV)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Accounting
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    CPE

Overview

This is a 2-hour course for those professionals wanting to understand the basic mechanics of ASC 740 (previously FAS 109), Accounting for Income Taxes. You will be taken step-by-step, through basic ASC 740 concepts to help you become comfortable applying such concepts via specific examples. Then learn to leverage your new skills by applying them practically in preparing a basic tax provision. Throughout the course you will learn and apply key ASC 740 concepts such as deferred tax accounting, permanent/temporary book vs. tax differences, deferred tax assets/liabilities, and valuation allowance.

Major Topics:

  • The scope of ASC 740/FAS 109
  • The basic tax provision calculation, including current and deferred tax expense/benefit
  • Permanent and temporary book vs. tax differences
  • Deferred tax assets, deferred tax liabilities, and valuation allowance
  • Mechanics of the basic tax provision, including deferred tax accounting
  • Additional impacts to the basic tax provision calculation, including reserves (ASC 740-10/FIN 48), provision to return true-ups, tax attributes
  • Schedules included in a basic tax provision, including the taxable income schedule, deferred inventory, current/deferred tax expense, rate reconciliation, tax account rollforward, income tax footnote/financial statement impacts

Learning Objectives

  • Enhance tax and accounting skills through a practical understanding of ASC 740/FAS 109
  • Simplify complex ASC 740/FAS 109 concepts via a step by step process
  • Apply ASC 740/FAS 109 concepts, step by step, in preparing basic tax provision schedules

Who should take this course:

Designed for:

CPAs and other financial professionals wanting to understand the basic mechanics of ASC 740 (previously FAS 109)

Prerequisite:

None

Advanced Preparation:

None

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