Accounting for Deferred Income Taxes 2nd Edition by Bobby Carmichael 1119724562 9781119724568

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Product details:

ISBN 10:1119724562
ISBN 13: 9781119724568
Author:Bobby Carmichael

A complicated accounting model, FASB ASC 740 has been around for a while. But the rules are becoming more challenging as businesses become more complex. This book incorporates the new tax rates and other impacts of the Tax Cuts and Jobs Act and will assist you in understanding FASB ASC 740, Income Taxes, and how it establishes guidelines for accounting for income taxes, including income tax expense, classification of deferred tax accounts, and related disclosures.

Key topics include:

• Principles of FASB ASC 740
• Income tax expense and deferred tax liabilities and assets
• Valuation allowances
• Proper documentation of deferred income taxes in the work papers
• Required disclosures within the financial statements

Accounting for Deferred Income Taxes 2nd Table of contents:

Chapter 1: Theoretical Concepts of FASB ASC 740
FASB ASC 740
Temporary differences
Sources of taxable income
Determination of the valuation allowance
Special deductions
Accounting for uncertainty in income taxes
Intraperiod tax allocation
Financial statement presentation
Provisions of FASB ASC 740: Summary chart
Notes
Chapter 2: Temporary Differences
Identifying and measuring temporary differences
Case studies
Note
Chapter 3: FASB ASC 740: Identifying Tax Differences and Deferred Tax Worksheet
Deferred tax assets
Tax planning strategies to assess the need for a valuation allowance for DTAs
Determination of the valuation allowance
Recognition of tax benefits for carrybacks and carryforwards
Computation worksheet to meet reporting and disclosure requirements of FASB ASC 740
Worksheet adapted to track deferred tax accounts
Case studies
Notes
Chapter 4: Accounting for Uncertainty in Income Taxes
Case studies
Notes
Chapter 5: Reporting and Disclosure Under FASB ASC 740: Theory and Examples
Separately issued financial statements
Components of income tax expense
Financial statement presentation
Disclosure requirements
Required disclosures for uncertain tax positions
Notes
Chapter 6: FASB ASC 740-20: Intraperiod Tax Allocation
Intraperiod tax allocation under FASB ASC 740—General considerations
Steps to allocate total tax expense
Summary
Case studies
Notes

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