Show navigation

Available in:

OnDemand Webinar
Audio & Reference Manual
MP3 Download

ASC 740: Impacts on Your Financial Statements

Gain an improved understanding of the technical requirements under ASC 740 and better advise your clients.

As tax professionals, we are tasked with accurately reporting the tax results for our respective organizations within an environment of high scrutiny from both the external recipients of this information along the review and oversight of our internal and external audit teams. After this topic, you will be able to describe the basic process of the current tax provision; identify the various components of the deferred provision and impact to the total tax provision; and the overall results as they will be reported in your financial statements. Additionally, you will be armed with information which may assist you in assessing the overall effectiveness of your tax internal controls environment, while providing further support for the accuracy of your tax controls and ultimately the financial statement disclosures.

Runtime: 99 minutes

What Is ASC 740?

ASC 740 is the set of standards responsible for accounting for income taxes and determining a company’s effective tax rate. A thorough understanding of ASC 740 requirements is essential for any accountant working in an organization adhering to Generally Accepted Accounting Principles.

One key part of ASC 740 compliance is determining whether or not an organization has uncertain tax positions — such as any interpretation of earnings that is less than what the IRS is likely to assess independently or uncover during an audit. This involves a comprehensive process of identification and measurement, both for the current fiscal year and for any years prior.

ASC 740 Training

Determining the taxable income of a business or nonprofit is never simple. For example, if a business is historically profitable and is expected to return to profitability soon, it can sustain a period of operating at a loss without its value being affected. Failing to properly consider these factors has the potential to put an organization into an uncertain tax position.

This program contains a basic overview of several topics relevant to the identification of uncertain tax positions. Students will learn:

  • ASC 740 basics — What is it, how it works and who is responsible for adhering to it
  • Income tax computation — How does ASC 740 require that current and deferred incomes taxes be calculated?
  • Valuation allowances — What evidence must be weighed to determine an accurate valuation?
  • Accounting for uncertainty — How likely is it that a tax position will be sustained on examination?

Lorman Education Services' ASC 740 training course has been developed based on the input of several recognized experts in the field of corporate tax strategy.

We are pleased to offer continuing education offerings for accounting professionals on a variety of topics. We keep all courses up-to-date with current laws, and we tailor them to the learning needs of busy working professionals. Browse our offerings today to get started!

Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Accounting for Income Tax Overview (ASC740)

  • Current Environment
  • General Concept
  • Basic Formula

Discussion and Examples of the Key Elements Regarding a Basic Current Provision

  • Basic Formula
  • Perms and Temps
  • Journal Entries

Discussion and Examples of the Key Elements Regarding a Basic Deferred Provision

  • Basic Formula
  • Deferred Items
  • Valuation Allowance

Tax Internal Controls Environment

  • Current Environment
  • Identifying Risks
  • Remediation

Tax Reform Impact and Questions

  • General Discussion
Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on August 6, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John P. Bennecke

True Partners Consulting

  • Regional managing director and National Service line leader of True Partners Consulting
  • Leads the Tax Process and Control Advisory Services Team (nationally) and Federal Tax practice in Chicago; in addition to his leadership responsibilities he manages tax compliance and consulting for large and mid-size multinational corporate entities, comprised of both public companies and privately held organizations; in this role he provides services in the following specialty serve offerings; Accounting for Income Taxes (ASC740), Tax Provision and Compliance Automation, and Tax Internal Controls Design, Testing, Implementation and Remediation; he also serves on the firm’s accounting periods and methods team, and is actively involved in the Firms federal training
  • Frequently sought after speaker; he has most recently spoken for Bloomberg/BNA, Institute for Professional in Taxation (IPT), The Chicago Tax Club, and previously for the American Institute of Certified Public Accountants, the American Accounting Association, the Institute for Professionals in Taxation, Tax Executives Institute Thomson Synergy National Users Conference, and Corptax Annual Users Conference
  • Before joining True Partners, he was a senior manager with the lead tax services practice of Deloitte Tax, LLP in Chicago; his 25+ years of experience encompasses both public accounting and industry
  • Belongs to The City Club of Chicago, the Chicago Tax Club, the American Institute of Certified Public Accountants’ tax section (former), and the National Association of Tax Practitioners
  • Has served on the Board of Directors and is the chair of the revenue development committee of Cara, a nationally recognized Chicago based not-for-profit which provides job placement and educational training for Chicago’s homeless and adults in transition; he also is on the Boards of Clean Slate and 180 Properties
  • B.S. degree, DePaul University; Masters of Jurisprudence in Business Law, Loyola University’s law school; currently attending Northwestern University, Kellog
Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 404014
Published 2018
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!