• Course Information
    4.3 (1590)

    Title: Accounting for Income Taxes
    Category: Accounting and Auditing
    Field of Study: Accounting
    Course Code: A022-0391
    CPE Credits: 6.0
    Price: $49.95


Accounting for income taxes is one of the more challenging topics of financial accounting. Corporations must file income tax return following the guidelines developed by the IRS. Because GAAP and tax regulations differ in several ways, so frequently do pretax financial income and taxable income. Hence, the amount that a company reports as tax expense will differ from the amount of taxes payable to the IRS. Those differences produce a complex accounting standard. Tax-related restatement is one of the leading causes of financial restatements.

This course is designed to help you navigate the complexities of income taxes. It identifies ASC 740 Income Taxes accounting and financial reporting requirements for the effects of taxes based on income. It describes the basic principles such as the asset and liability method, tax positions assessment, and the effect of temporary differences. It explains how to assess whether a valuation allowance is necessary for its deferred tax assets. It also covers key concepts such as asset acquisition, intraperiod allocations, and interim reporting related to income taxes. Finally, it addresses financial statement presentation and disclosure. Specific examples are included to illustrate the application. Relevant references to and excerpts from ASC 740 are discussed throughout the course.

Delivery Method: Online Interactive Self Study

Level: Intermediate

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Delta Publishing

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 11/16/2022

Technical Details: Accounting: Technical

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1. Recognize the basic principles of accounting for income taxes
2. Identify recognition and measurement requirements for uncertain tax positions
3. Recognize temporary differences and identify how these differences may arise
4. Distinguish between permanent and temporary differences
5. Identify method for computing deferred taxes
6. Recognize basic rules for income taxes in interim reporting
7. Recognize the reporting requirements for income taxes

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QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA

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