- NY Credits : 3.0
- TX Credits : 3.0
This course discusses the objectives and scope of FASB ASC 740, Income Taxes, (formerly SFAS 109), as well as issues concerning permanent differences, temporary differences, and the basic principles of FASB ASC 740. The process of accounting for income taxes is also covered, including the basic steps of the process and the measurement of deferred tax liabilities and assets. In the last chapter, you will be presented with a case study that illustrates the concepts presented in the previous chapters.
Upon successful completion of this course, the user should be able to:
identify the objectives, scope, and basic principles of FASB ASC 740,
recognize transactions and events that cause differences (both permanent and temporary) between book and taxable income,
determine the steps in computing the current tax expense and the deferred tax asset and liability amounts,
recognize the computation of income tax expense when an enterprise pays a state income tax and the federal income tax, and
identify how what was formerly known as FIN 48 impacts the accounting for income taxes.