A two-day advanced technical update with live group instruction on key tax accounting issues facing tax practitioners in preparing the 2013 global corporate tax provision under ASC 740.

Course Level: Advanced Delivery Method: Live Group

LEARNING OBJECTIVES

 

After attending this event, participants will be able to:
• Describe inside/outside basis issues in consolidating affiliated group results – treatment of variable interest or check-the-box entities
• List the top 10 differences between IFRS and US GAAP
• Discuss consequences of making a basis step-up election under Sec. 338 – interrelationship with purchase accounting
• Evaluate the effect of expense apportionment on the U.S. tax liability and tax provision
• Identify tax accounting issues affecting intangibles, including goodwill, and impact on the income tax provision
• Understand special issues involving mergers and acquisitions

PREREQUISITES

Completion of our Tax Accounting Primer course, or familiarity with the basic ASC 740 rules and an understanding of valuation allowances is necessary. This program is nontransitional which is appropriate for experienced attorneys.

 

All paid attendees will receive the Bloomberg BNA Portfolio: Accounting for Income Taxes FASB ASC 740 #5000-4th
*One Portfolio per paid attendee. Quantities are limited.

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 customercare@bna.com 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 customercare@bna.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, such as complaints and cancellations, please contact us at 800.372.1033, or e-mail customercare@bna.com.

Bloomberg LP
731 Lexington Avenue
New York, NY 10022
Tel: 212-318-2000

Hotel accommodations are at your own discretion.
We suggest the following:
Renaissance New York Hotel – Tel: 866.240.8604
130 East 57th Street, New York, NY

Fitzpatrick Hotel Group – Tel: 800.367.7701
687 Lexington Avenue, New York, NY

DoubleTree by Hilton Hotel Metropolitan – Tel: 212.752.7000
569 Lexington Avenue, New York, NY

Monday, December 9th

8:00 am Registration and Continental Breakfast

8:45 am Welcome and Overview

9:00 am Hot Issues in U.S. Accounting for Income Taxes
• Managing your tax positions-certain and uncertain
• Effective tax rate forecasting and interim reporting
• Accounting for Uncertain Tax Positions-review of applicable rules and recent developments
• Identifying Your Effective Tax Rate Drivers
• Reconciling the statutory and effective tax rate for U.S. multinationals
• Regulatory focus on state taxes

10:30 am Refreshment Break

10:45 am Accounting for International Operations-Part I
• Inside/outside basis issues in consolidating affiliated group results - treatment of variable interest or check-the-box entities
• Maintaining U.S. GAAP records for foreign subsidiaries, branches and partnerships – consolidation v. equity method
• Translation of foreign currency statements under ASC 830 (FAS 52) – description of other comprehensive income (OCI)
• Treatment of permanently reinvested CFC earnings - application of ASC 740-30-05 (APB 23)
• Comparison with the IFRS accounting rules

12:15 pm LUNCHEON

1:15 pm Organizational and Transactional Tax Accounting Issues Facing U.S. Multinational Companies
• Common Effective Tax Rate Drivers
• Valuation Allowances and Losses without Benefit
• ASC740 -30-05 (APB 23) Considerations when criteria are not met
• ASC740-10 (FIN48): Considerations for MNCs

2:30 pm Refreshment Break

2:45 pm Tax and Disclosure of Derivatives and Hedging Activities
• Accounting for hedges and derivative products – update on ASC 815(FAS 133)
• Comparison of ASC 815 to tax rules related to hedging and derivatives
• Common M-1 adjustments related to hedging and derivative activities
• Financial disclosure issues involving derivatives and financial products
• Comparison with the IFRS accounting guidelines

4:15 pm Reducing the U.S. Tax Rate on Domestic Production Activities
• Projecting rate benefits from domestic production activities – computing the Sec. 199 deduction in 2012 and 2013
• Determining income attributable to production activities and QPAI amounts eligible for the deduction
• Avoiding the taxable income and W-2 wage limitations
• Preparing workpaper support for the Sec. 199 deduction – complying with footnote disclosure – IRS audit update

5:30 pm Meeting Adjourns for the Day

Tuesday, December 10th

8:00 am Continental Breakfast

8:45 am The Growing Role of Valuation in Financial Statements
• Fair Value Measurement
• Business Combinations
• Goodwill and Other Intangibles
• Hedging
• Impairment
• Debt/Equity Determinations

10:15 am Refreshment Break

10:30 am Special Tax Accounting Issues in Reporting the Results of Mergers, Acquisitions and Dispositions-ASC 805(FAS 141r) and ASC 350 (FAS 142)
• Tax accounting issues affecting intangibles, including goodwill, and impact on the income tax provision
• Consequences of making a basis step-up election under Sec. 338 – interrelationship with purchase accounting
• Treatment of transaction costs - Section 195 v. Section 263
• Counter-intuitive effective tax rate impact on accounting statements
• Understanding IFRS convergence issues

12:15 pm LUNCHEON

1:15 pm Rolling From IFRS (or foreign statutory) to US GAAP
• IFRS overview & International landscape
• Accounting for Income taxes under IFRS
• Top 10 differences between IFRS and US GAAP (including basis bifurcation, multiple tax rates, fair market revaluation, intercompany transactions, consolidation and permanent reinvestment)
• Best practices (e.g., questions to ask foreign accountants, process efficiencies and documentation
• Regulatory focus on foreign statutory (i.e., IFRS) to US GAAP conversion

2:15 pm Compensation Issues
• Review of deduction provisions affecting stock options and other incentive pay in merger and acquisitions
• Latest developments in compensation tax issues
• Special issues involving mergers and acquisitions
• Funding non-qualified deferred compensation plans
• Interrelationship with accounting rules under IFRS

4:15 pm Conference Ends


Copyright Bloomberg BNA 2013

EDUCATIONAL COURSE CREDIT

UP TO 15 CPE CREDIT HOURS AVAILABLE

Bloomberg BNA is registered with the National Association of the State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses. Complaints regarding registered sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.

UP TO 15 CLE CREDIT HOURS AVAILABLE

Bloomberg BNA will apply for continuing legal education credits in any state or jurisdiction where available. For more information, please contact Bloomberg BNA customer service at 800.372.1033 and ask to speak to the CLE Accreditations Coordinator, or email us at accreditations@bna.com .

HARDSHIP POLICY

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 accreditations@bna.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.