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 Accounting for Income Taxes in GAAP Financial Statements (ACCTAX)


This two-day course is designed to make internal accountants and auditors aware of the intricacies associated with current and deferred income tax accounting (SFAS 109; ASC 740.10).

The course covers background information that lead to the issuance of SFAS 109, which introduced a balance sheet approach to replace the then GAAP income statement approach. The evolution from APB Opinion No. 11 to FASB Statement No. 109 is covered because it is essential in understanding the GAAP income tax accounting approach.


Specific coverage follows:


  • Income statement vs. balance sheet differences

  • Temporary differences creating assets

  • Temporary differences creating liabilities

  • The need to record deferred taxes

  • Deferred tax assets and possible need for a valuation account (contra account)

  • Permanent differences


The basic steps to be followed to book current and deferred taxes will be explored by reviewing actual cases and examples.

Particular attention will be paid to next operating losses and their treatment.









Category:  Financial Statement Involvement