While the authoritative guidance for accounting for contingencies stretches all the way back to Financial Accounting Standard 5 - now ASC 450 - the appearance of Accounting Standards Codification (ASC) 740 in 2009 (formerly known as FIN 48) has confused the entire issue of accounting for contingencies. With FIN 48 requirements now in place for not-for-profit organizations, primary emphasis is often given to income tax considerations when preparing financial statements for tax-exempt entities. Exposure related to nonincome taxes, especially sales and use taxes, is often overlooked. This OnDemand Webinar will focus on the impact of nonincome taxes as they apply to not-for-profit organizations. By ordering this program, you will understand how to identify these contingencies and properly account for and report them in financial statements. In addition, we will briefly contrast this with ASC 740 to provide you with additional clarity. Failure to properly account for and report both nonincome tax and income tax contingencies is a substantial risk in financial reporting for tax-exempt entities.
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Why Lorman?
Over 34 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
Income Tax Contingencies and Nonincome Tax Contingencies
- What Is an Income Tax Related Contingency?
- What Is a Nonincome Tax Contingency?
Nonincome Tax Contingencies
- FAS 5 - Accounting for Contingencies (ASC 450)
- Tax Contingencies That Are Not Income Tax Related
- What Is a Tax?
Recognizing Tax-Type Contingencies in the Tax-Exempt Organization
- Common and Not-So-Common Examples
Accounting and Disclosure Requirements
- Nonincome Tax Contingencies
- Fin 48 Disclosures
- What the Literature Says
- What Is Happening in Practice
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Why Lorman?
Over 34 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 Course
This course was last revised on February 12, 2013.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 34 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
Frank A. Monti
Kahn, Litwin, Renza & Co., Ltd.
Frank A. Monti, CPA
- Principal in the Providence office of Kahn, Litwin, Renza & Co., Ltd.
- Director of the firm’s not-for-profit practice with more than 220 tax-exempt clients
- Consults nationwide and conducts regular seminars and workshops on various topics related to the not-for-profit and tax-exempt entity
- Has spoken around the country at national conferences and for numerous state CPA societies
- Written and developed course material and instructs for the Boston Tax Institute each year
- Certified public accountant licensed in Massachusetts, Rhode Island and Maryland, and has achieved Diplomat status in the American College of Forensic Examiners
- Has testified as an expert witness in U.S. District Court
- Blogs on an award winning NFP Blog - Mission Matters - www.kahnlitwin.com/blogs/mission-matters-blog
- Completed the Harvard University Intensive Program for Business Executives
- Master of Arts, Ad Eundem, Brown University; B.S. degree, Providence College
- Can be contacted at [email protected], 888-KLR-8557 or www.kahnlitwin.com
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Why Lorman?
Over 34 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.
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