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OnDemand Course

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.

Learning Objectives

  • You will be able to recognize the tax life cycle and how to adopt this approach within your tax department and company.
  • You will be able to differentiate basic conceptual framework of ASC740, in analyzing, preparing and reviewing your annual tax provision process.
  • You will be able to identify impacts of the current and future Tax Reform changes to your overall tax provision process due to your deeper understanding of ASC740.
  • You will be able to identify the importance of maintaining a strong tax internal controls environments along with the risks within this area.

Runtime: 116 minutes
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Why Lorman?

Over 33 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
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Why Lorman?

Over 33 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 September 21, 2018.

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

  • CPE/NASBA - QAS Self Study 3.0 including Accounting 3
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 3.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 3.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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
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Why Lorman?

Over 33 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
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  • White Papers and Articles
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Additional benefits include:

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

* For audio recordings you only pay shipping

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Product ID: 404869
Published 2018
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