Accounting for Income Taxes

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Accounting for Income Taxes

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  Accounting for Income Taxes

Overview of U.S. Accounting for Income Taxes & International Implications

·         Current taxes per return

·         Permanent differences vs. temporary differences

·         Credits

·         Common Book-Tax Differences

·         Depreciation and amortization

·         Timing of recognition of income

·         Timing of deductions

·         Effective tax rate forecasting and interim reporting

·         Identifying Your Effective Tax Rate Drivers

·         Reconciling the statutory and effective tax rate for U.S. multinationals

·         ASC 740 FASB proposals

Raymond Werth, Partner, Grant Thornton LLP, New York, NY
Eritt Sinkko, Manager, Tax Accounting Risk Advisory Services, Grant Thornton LLP, New York, NY

 

Accounting for Uncertain Tax Positions

·         Identifying Uncertain Tax Positions (Recognition)

·         More-likely-than not standard

·         Measuring UTPs

·         Disclosure

·         Review of applicable rules and recent developments

Raymond Werth, Partner, Grant Thornton LLP, New York, NY
Eritt Sinkko, Manager, Tax Accounting Risk Advisory Services, Grant Thornton LLP, New York, NY


Deferred Taxes & Valuation Allowances

·         Overview

·         Balance sheet approach

·         Temporary differences

·         Provision-to-return differences

·         Tax rates

·         Tax effects of charges or credits directly to shareholders’ equity

Christine Flach, Senior Tax Manager, KPMG LLP, New York, NY

June Yang, Senior Tax Manager, KPMG LLP, New York, NY

Financial Statement Disclosures

·         Tax accounts in income statement and balance sheet

·         Tax footnote requirements

·         Rate reconciliation

·         FASB ASC 740-10-25 (FIN 48) disclosures

·         Examples

Christine Flach, Senior Tax Manager, KPMG LLP, New York, NY

June Yang, Senior Tax Manager, KPMG LLP, New York, NY

Shirley Yu, Senior Associate, KPMG LLP, New York, NY

 APB 23 (AC 740.30.25), U.S. International Implications of Foreign Operations

·         Unremitted Earnings

·         Branch Operations

·         Subpart F Considerations

·         Foreign Currency Translation

·         Disclosures

Katherine Wu, Executive Director, Ernst & Young LLP, New York, NY

Business Combinations & Intercompany Transactions

·         Impact on income tax accounting for Business Combinations:

o   Goodwill

o   Contingent Consideration

o   Tax Valuation Allowances

o   Tax Uncertainties

o   Tax Indemnifications

o   In-Process R&D

·         Quarterly and annual financial statement impacts

Sallie Nold, Director, PricewaterhouseCoopers LLP, New York, NY
Ryan Umali, Manager, PricewaterhouseCoopers LLP, New York, NY

Interim Period Taxes

·         The basic approach to recognition of taxes in interim period – use of estimate of annual global tax rate from recurring operation (i.e., tax effect of “ordinary income”)

·         Tax effects of discrete period items (e.g., OCI, discontinued operations, APIC)

·         Exceptions to the basic approach

·         Unique aspects of interim period tax accounting (e.g., NOL utilization, valuation allowance, “naked credit”, exception to “with and without”, business combinations)

·         Required disclosures

·         SEC comment letters

Sallie Nold, Director, PricewaterhouseCoopers LLP, New York, NY
Ryan Umali, Manager, PricewaterhouseCoopers LLP, New York, NY