Accounting for Income Taxes Workshop: ASC 740

General Description:

Participants will learn the provisions of Accounting Standards Codification (ASC) 740, Accounting for Income Taxes, including comprehensive examples that illustrate the treatment of common items as well as fact patterns that indicate the potential application of the more specialized provisions of ASC 740.

Learning Objective:

After completing this course the participant will be able to:

• Explain and apply the objectives and principles of ASC 740.
• Identify and schedule out most common book/tax temporary differences.
• Calculate cumulative temporary difference and deferred tax assets/liabilities.
• Identify book/tax permanent differences and explain how they impact a tax provision.
• Apply the recognition and measurement principles to ASC 740.
• Identify the importance of using accurate tax rates and applying AMT and state and local tax to a tax provision.
• Explain the concept of a valuation allowance and recognize when valuation allowances and changes in valuation allowances are necessary.
• Illustrate the impact of changes in tax law or tax rates to the tax provision.
• Explain the financial statement presentation requirements under ASC 740.
• Explain the rules and concepts of accounting for uncertainty in Income Taxes (formerly FIN 48), including recognition and measurement.

Instructors:

Matt Lazzeri, CPA, is a tax partner in the Business Tax Services group at Ernst & Young LLP in Denver, focusing on all aspects of federal and state income tax and on ASC 740. He has worked in federal and state tax matters for 20 years. He earned his undergraduate degree in business and M.S. in accountancy at the University of Colorado, Boulder.

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