Applying SFAS 109:
   Accounting for Income Taxes

One day— 8 CPE Credits

SFAS 109 requires more professional judgment in the reporting process and it can provide distinct advantages including: reduced complexity, easier recognition of deferred tax assets, mitigation of the stock option issues and other non-tax liabilities, more realistic balance sheet presentations and completeness in the tax disclosures. In order to maximize these benefits, a thorough understanding of the income tax standard is essential—and how to operate under it. Our newly revised SFAS 109 workshop covers all aspects of the standard and its FIN 48 implications.

Workshop Highlights

• Build a foundational understanding of the core principles behind SFAS 109

• Understand and use the balance sheet focused principles behind SFAS 109

• IASB and FASB short-term convergence project for income taxes

• Learn to anticipate and avoid errors

• Apply SFAS 109’s five-step measurement process to normal and unusual tax determinations

• Master complex types of temporary differences

• Understand and master the issues in evaluating the need for a valuation allowance for deferred tax assets

• Deal with inter-period versus intra-period tax allocation

• Learn to classify deferred tax assets and liabilities as current or long term

• Build the disclosures required for income tax accounting

• Review frequent comments from the SEC concerning income tax accounting

• Discuss SOX 404  issues within income tax accounting

• Deal with changes in tax rates

• Learn the FASB’s new guidance in Financial Interpretation 48-Accounting for Uncertainty in Income Taxes-An interpretation of FASB Statement No. 109
  

8:30 – 9:30 a.m. - Core Principles in SFAS 109

9:40 – 11:40 a.m. - Computing Current and Deferred Income Taxes

11:40 – Noon - Financial Statement Presentation and Disclosure

Noon - 1:00 p.m. - Lunch

1:00 – 1:20 p.m. - Financial Statement Presentation and Disclosure (concluded)

1:20 – 2:20 p.m. - FIN 48 Application and Disclosure

2:20 – 3:45 p.m. - Problem Areas:

• Determining the valuation allowance

• Change in tax rates/status

• Business combinations

• Inter-period tax allocation

• Subsidiary financial statements

• Interim reporting

• Listed transactions

Course Objective: To learn the requirements of and how to Apply SFAS 109-Accounting for Income Taxes .
Prerequisites/Advance Preparation: None.
Experience level: Intermediate.

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