Register Early and Save!
December 12 & 13, 2016
1801 S. Bell Street
Arlington, VA 22202
Hotel accommodations are at your own discretion. We suggest the following:
The Westin Crystal City
1800 Jefferson Davis Hwy, Arlington, VA 22202
Tel: (703) 486-1111
Crystal City Marriott at Reagan National Airport
1999 Jefferson Davis Hwy, Arlington, VA 22202
Tel: (703) 413-5500
Join us for a NEW two-day intermediate course with live group instruction on ASC740: Accounting for Income Taxes. Based upon the success of our Tax Accounting ASC740 Primer, the hands-on problem solving approach has been adopted in the development of this course. Cases and problems have been developed covering technical issues not covered in the Primer course (e.g. the “true-up” calculation, interim reporting, business combinations). As well as a more in-depth focus on other technical issues (e.g. “uncertain tax positions”, “permanently reinvested” criteria).
Benefits of Attending:
• Discuss and calculate the impact of true up calculations in the tax provision process
• Understand the major component issues in calculating tax provision amounts for interim periods
• Review the income tax expense consequences associated with business combinations particularly regarding purchase price allocation and the recognition of deductible and non-deductible goodwill
• Explain and describe tax positions that meet the ASC740 criteria of “uncertain”
• Discuss the disclosure in the financial statements of tax positions that are considered uncertain
• Understand the considerations and principles involved in booking a valuation allowance against a deferred tax asset
• Describe the pertinent issues that are relevant in the “permanently reinvested” criteria associated with the earnings of a foreign subsidiary
Why You Should Attend
Bloomberg BNA has developed a new course using a case study and problem approach to US GAAP income tax accounting (ASC740). The complexity of this technical area cannot be overstated. There is a tremendous need for tax professionals working in the area to understand the ASC740 calculations in light of the varied issues and situations that are encountered. As ASC740 is often described as a “hands on” area, this course has been developed emphasizing problems and exercises to be worked on during the course.
Who Should Attend
This program is nontransitional which is appropriate for experienced attorneys. This program is designed for corporate tax managers, tax accounting managers and supervisors, and tax professionals who work in the ASC740 income tax expense area.
8:30 AM Review of ASC 740 Essential Topics
• Summary review of major ASC 740 income tax expense issues, e.g. overall objectives and principles
• Technical review of issues and relevant ASC 740 topics, e.g. tax rate change issues, issues associated with defining “income” tax as opposed to other taxes
• Identification of temporary and permanent differences exercise highlighting key technical issues, e.g. AMT considerations, acquisition costs
10:30 AM Refreshment Break
10:45 AM “True-Up” Discussion and Case problem
• Differentiating between change in estimate vs. error
• Timing issues associated with calculating true up calculations
• Case study problem illustrating true up calculation and issues
12:15 PM Luncheon
1:15 PM Interim Reporting
• Discussion of the “annual approach” regarding income tax expense
• Overview of items that are considered as “discrete” in the income tax provision
• Example calculation of interim tax provision illustrating interim tax expense calculations
2:45 PM Refreshment Break
3:00 PM Intraperiod Tax Allocation
• Overview of principles relating to the classification of items as continuing operations as contrasted with discontinued operations or extraordinary items
• Illustrative example highlighting allocation methodology
• Allocation of changes in valuation allowance amounts to items separately stated in the financial statement
4:00 PM Valuation Allowance
• Summary discussion of major technical principles and factors associated with the recognition of a deferred tax asset
• Review of impact of changes to the valuation allowance and disclosure of issues in the financial statements
• Illustrative case study highlighting valuation allowance issues
5:00 PM Course Adjourns for the Day
8:30 AM Business Combinations
• Application of “purchase accounting” GAAP adjustments in business combination transactions
• Review of the income tax issues associated with “inside” and “outside” basis and the tax implications associated with stock and asset purchases
10:30 AM Refreshment Break
10:45 AM Business Combinations (continued)
• GAAP vs. Tax treatment of deductible and non-deductible goodwill
• Exercise illustrating tax and book basis of assets acquired in a business combination
11:45 AM Uncertain Tax Positions
• Overview of main principles and concepts regarding identification and measurement of tax positions that are considered “uncertain”
• Discussion of the “two step” recognition test and related documentation
12:30 PM Luncheon
1:30 PM Uncertain Tax Positions (continued)
• Discussion of the disclosure requirements in financial statement disclosure and Form 1120 – Schedule UTP
• Consideration of technical issues that have been disclosed in company financial statements
2:15 PM Special Topic – Investment in Subsidiaries
• Review of main tax expense issues associated with the investment in subsidiaries and joint ventures and the need for the recognition of a deferred tax liability for such investments
• Review of issues associated with “permanently reinvested” criteria
• Overview discussion of calculating the deferred tax liability associated with investments
3:15 PM Course Concludes
SUBSTITUTIONS, CANCELLATIONS & COMPLAINTS
If you are unable to attend this event, you may: transfer your registration to another person from your company for the same event; or transfer your registration to a substitute event listed on our web site. In either instance, there will be no charge or penalty for substitution. To request a transfer, contact firstname.lastname@example.org with the new attendee or substitute event information more than 5 business days prior to the conference start date. On the first day of the event, absent attendees will be considered “no shows” and will not be eligible for a refund, transfer, or substitute event.
Cancellations must be made in writing to email@example.com more than 5 business days before the event and will be assessed a $350 conference setup fee. Cancellations will not be accepted if notice is received fewer than 5 business days before the event. For more information regarding administrative policies, complaints and cancellations, please contact us at 800.372.1033, or e-mail firstname.lastname@example.org.
Bloomberg BNA offers a hardship policy for CPAs and other tax and accounting professionals who wish to attend our live conference and seminars. Individuals must earn less than $50,000 annually in order to qualify. For individuals who are unemployed or earning less than $35,000 per year, a full discount off the price of registration for the program will be awarded. Individuals earning between $35,000 and $50,000 per year will receive a 50% discount off the price of the program. If an individual wishes to submit a case for hardship, he or she must contact Bloomberg BNA directly at email@example.com.
Please include the following information with your request: complete contact information, program for which a hardship reduction is being requested, requested amount for hardship reduction, and reason for applying for hardship. Please note that requests will not be considered until 30 days from the program date and that individuals may only apply for a hardship reduction once within a 12-month period. Bloomberg BNA reserves the right to make a final determination on a case-by-case basis. Our decision for granting a hardship is final and submission does not constitute acceptance.
Continental breakfasts, lunches, refreshment breaks, Bloomberg BNA Portfolio, and course materials in electronic format.
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This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
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