FASB ASC 740: Accounting for Income Taxes
Material weaknesses associated with FASB ASC 740 often lead to financial restatements and management disclosures, which can have various negative consequences:
- Eroding investor confidence
- Decreasing shareholder value
- Incurring significant expenses due to financial restatements
- Creating distractions within the company
This accounting CPE event focuses on addressing these material weaknesses and provides insights from CCS's observations. The event offers a comprehensive understanding of the accounting standards applicable to the issuer of financial statements.
FASB ASC 740 governs the accounting for income taxes and necessitates businesses to analyze and disclose income tax risks. This Financial Accounting Standards Board topic establishes guidelines for financial accounting and reporting, specifically regarding the impact of income taxes on a company's financial results.
This timely, two-hour CPE training event aims to assist the accounting staff in reviewing their accounting policies and procedures related to income tax accounting. It also caters to auditors involved in engagement planning, staff training objectives, audit quality, and workpaper management in relation to tax provisions.
Private events can be schedule for your accounting and auditing staff.
Details on Event Presentation
Offered every six weeks on Mondays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
- Comprehensive Coverage
- The Five-Steps for ASC 740
- Material Weaknesses and Restatements
- Insights from CCS's Observations
- Accounting Policies and Procedures Review
- Auditor Engagement Planning
Learning Objectives
- Understand the key provisions and requirements of FASB ASC 740 related to accounting for income taxes.
- Identify common material weaknesses that can lead to financial restatements and management disclosures.
- Learn strategies to mitigate material weaknesses and enhance the accuracy of financial reporting.
- Gain insights from CCS's observations on material weaknesses and best practices for addressing them.
- Review and enhance accounting policies and procedures related to income tax accounting.
- Understand the role of auditors in engagement planning, staff training objectives, and workpaper management concerning tax provisions.
Key Issues on the Agenda
Section 1- Introduction to FASB ASC 740
Section 2 - Reviews Required
Section 3 - Documentation of Analysis
Section 4 - Potential Issues & Pitfalls
Section 5 - Common Questions and Summary
NASBA Program Disclosure
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Accounting
CPE Credits: 2, based on 50 minutes of instruction per hourSummary of the Subject Matter
The FASB ASC 740 Accounting for Income Taxes CPE event offered by Corporate Compliance Seminars is designed to provide participants with a comprehensive understanding of the accounting standards and requirements related to income tax accounting. This timely and focused training event aims to equip accounting professionals with the knowledge and tools necessary to address material weaknesses, mitigate risks, and ensure accurate financial reporting.
The event covers a range of critical topics, including the provisions and implications of FASB ASC 740, common causes of material weaknesses leading to financial restatements and management disclosures, and strategies to enhance investor confidence and shareholder value. Participants will gain insights into the financial implications of errors in income tax accounting, such as significant expenses associated with restatements, and learn best practices to minimize these risks.
Additionally, the event offers valuable observations from CCS, providing real-world experiences and industry expertise. Attendees will have the opportunity to review and improve their accounting policies and procedures related to income tax accounting, aligning them with FASB ASC 740 standards. The role of auditors in engagement planning, staff training objectives, and workpaper management concerning tax provisions is also addressed, fostering better collaboration and coordination between auditors and accounting teams.
By participating in this two-hour CPE training event, accounting professionals can earn CPE credits while enhancing their professional development and staying up-to-date with the latest practices and regulations in the field of accounting for income taxes.