This bank accounting webinar will address most issues specifically covered in FASB Statement No. 109 (ASC 740.10) dealing with current and deferred income taxes. It will put the focus on unusual one-time entries (i.e. large unexpected gains and/or losses such as tax effects of repatriation dollars) that need to be made as a result of tax law changes.
It is timely and should be welcomed by those struggling with accounting for income taxes. It is especially useful for those closing the books and preparing financial statements for 12/31/17. It will also reestablish the accounting for income tax rules and their importance going forward in 2018 and beyond.
Specific topics include:
• The balance sheet approach to accounting for income taxes
• The handling (from creation to write-off) of deferred tax assets and deferred tax liabilities
• Need for a valuation account in certain circumstances
• Specific examples of differences – temporary and permanent
• Special topics such as accounting for net operating losses, multiple tax rates etc.
Learning objectives include:
• The historical problems associated with accounting for income taxes.
• How the balance sheet approach dramatically changed income tax accounting.
• The fundamentals surrounding the accounting for income taxes.
• Future activities and their impact on deferred tax assets and/or liabilities.
• The different handling of temporary differences and permanent differences.
• The creation of deferred tax balance sheet accounts.
• Need for a valuation account when it is more likely than not that the net deferred tax asset will not
be realized in full.
• Basic provisions of SFAS 109 (ASC 740-10).
Date of Event
Friday, March 23, 2018
Also on Wednesday, February 28, 2018
About Paul Sanchez
Paul J. Sanchez, CPA, CBA, CFSA conducts a CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University – C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors.