Bloomberg BNA Offers Entry-Level Course on Basic Tax Accounting Principles and Concepts Under ASC 740, Accounting for Income Taxes

(Arlington, Va., March 1, 2012) How companies account for income taxes impacts both their income tax provision and their earnings per share. A thorough understanding of the complex ASC 70 regulations and financial accounting and reporting standards regarding a company's income taxes is crucial. To help accountants, attorneys, enrolled agents, and other tax practitioners achieve this understanding, Bloomberg BNA | CITE will host a conference, Tax Accounting ASC 740 Primer: Debits, Credits and Worksheets, March 26-27 in Dallas, which will provide live group instruction on basic tax accounting principles and concepts.

“Establishing a solid, basic understanding of the new Accounting Standards Codification for income taxes (ASC 740) allows attendees to familiarize themselves with debit and credit entries required in accounting for current and deferred tax items,” notes Diane Pastore, Executive Director at Bloomberg BNA | CITE. “As a result, they can find out how to establish internal controls within their organizations that satisfy the Sarbanes-Oxley Act of 2002 documentation requirements.”

This conference will provide attendees with the fundamental principles for assembling and compiling tax provision data at their companies. Using four in-class exercises, attendees will learn how the tax accounting rules under ASC 740 apply, how to record tax adjustments and make journal entries, and how to properly submit accounting entries for Schedule M-3. Accounting for new tax legislation and tax rate changes also will be addressed.

Class materials will examine specific book-tax differences, deferred tax assets and liabilities, net operating losses, and valuation allowance. There are no course prerequisites, but a basic knowledge of the U.S. tax rules is recommended.

By attending the two-day conference, attendees will:

• Understand the basic T accounts and journal entries for recording current and deferred tax adjustments
• Obtain a better understanding of how the basic accounting rules apply in making tax adjustments for deferred tax assets (DTA) and deferred tax liabilities (DTL)
• Understand the scope of the application of the ASC #740 rules to state and foreign income taxes
• Learn how to identify and record permanent and temporary tax adjustments
• Discover how, when and why valuation adjustments are made to tax accounts

The Tax Accounting ASC 740 Primer: Debits, Credits and Worksheets will take place at The Westin Galleria Hotel in Dallas, TX. To register, go to www.bna.com or call 914-328-5656 for further information on special rates.