Financial Accounting Issues

Accounting for Income Taxes (Updated)

Course Overview
For many accountants, the topic of accounting for income taxes remains one of the most complex subjects within the profession. In this course, we look at the recording of current tax based on a corporation’s taxable income and deferred taxes which are recorded on the basis of differences in assets and liabilities that will “reverse” in the future. We review ASC 740, providing illustrative cases as well as a discussion of disclosure requirements. Finally, we examine the uncertain tax position process with examples and a review of corresponding disclosure requirements.

Learning Objectives:

After completing this course, the course participant should be able to:

  • Define deferred taxes.
  • Identify practice problems associated with accounting for income taxes.
  • Recognize the steps in deferred tax methodology.
  • Recognize ASC 740 disclosure requirements.
  • Determine accounting for uncertainty in income taxes.
  • Identify the disclosure requirements for uncertain tax positions.
  • Recognize the practical considerations involved with uncertain tax positions.

  • Prerequisites/Advanced Preparation:


    Speaker / Author:

    John M. Fleming, CPA, MBA, is currently the Director, Content Development for SmartPros LTD, a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance and ethics educational programs. John previously served as President and Director of Accounting and Auditing for LOSCALZO ASSOCIATES, a division of SmartPros for twenty-eight years. John retired as President of Loscalzo Associates on January 1, 2014.

    John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

    John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee. In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

    John and his wife Marge live in Medford, New Jersey.

    Price (USD)

    Standard: $24.95


    Course Code : 99FLE02-v2

    Length : 50min
    Course Level : Basic
    Course Type : Self-Study
    Passing Grade : 70%
    Format Type : eLearning
    Mobile Compatible
    Field Of Study : Accounting

    Theme : Financial Accounting Issues

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