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ASC 740: Impacts on Your Financial Statements

Date: Monday, August 6, 2018
Time: 1:00 - 2:40 pm EST

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $219.00

Registration - Live Webinar Plus CD Recording: $288.00

 

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 identify the potential impact of the proposed/enacted legislative changes to our corporate tax structure and how to address them within your financial statements.
  • You will be able to define your overall tax internal control environment and also will be armed with examples of how to identify areas of risk.
  • You will be able to describe in detail the difference in Permanent and Temporary differences and their impact on the overall tax provision.
  • You will be able to review general concepts of Accounting for Income Taxes (ASC 740).

This Live Webinar Covers These Hot Issues:

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

Credit Information (Sponsored by Lorman Education Services):

  • CPE
  • AIPB
  • NASBA
  • Enrolled Agents

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Instructor Profile:

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 firm's 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
  • Currently attending Northwestern University, Kellog; Masters of Jurisprudence in Business Law, Loyola University’s law school; B.S. degree, DePaul University

(Not available outside the US)