Course Details

Accounting For Income Tax: Beyond The Basics Of ASC 740

Webinar: ID# 1015646
Recorded CD or On-Demand
About This Course:
Accounting for income taxes under ASC 740 remains one of the most complex and challenging tasks facing corporate accounting and tax professionals today.

Among the specific issues requiring both expertise and judgment are intra-period valuations and the creating and maintenance of valuation allowances and quantifying “temporary” differences. Making forecasts and disclosures about deferred tax assets and liabilities is also particularly complicated and often a high-stakes process with significant effect on the company’s financial statements.

Key decisions must also be made about how to recover prior allowances, level of review of profitability forecasts, and public disclosure wording and detail (particularly if valuation methodology has changed from prior periods). Under ASC 740, suchdecisions are left to the tax professional’s judgment for the most part.

Listen as our panel provides a “beyond-the-basics” dive into the practical tasks and challenges corporate tax professionals face in preparing workpapers for income tax disclosures, offering real-time examples of calculations and schedules to support the technical disclosure requirements of ASC 740, and outline their best practices for making defensible decisions in this area.

  • Identifying key challenges arising with income tax accounting
  • Deciding on and calculating appropriate intra-period allocations
  • Valuing and reporting deferred tax assets
    • Setting the valuation allowance
    • Making judgment calls on positive and negative evidence
    • Forecasting coming period income/loss
  • Analyzing and reporting uncertain tax positions
  • Reporting current and deferred income tax expense and balance sheet items
  • Workpaper and schedule maintenance

The panel will give you a framework to make sound decisions in these and other problematic areas:
  • Reversing prior allowances against deferred tax assets: What procedures should be followed?
  • Forecasting future profits or losses: What constitutes a defensible prediction, given the size of profits or losses in prior periods?
  • Setting the valuation allowance: Does available evidence suggest it is more likely than not that some portion of the deferred tax allowance will not be realized?
  • Making disclosures: How can you viably explain changes in valuation methodology, and therefore changes in the valuation of carried tax assets?
Learning Objectives

After completing this course, you will have in-depth knowledge of the practical challenges in calculating and reporting income tax provisions under ASC 740. You will know how and when to make and value intra-period allocations. You will have a detailed understanding of reporting deferred tax assets and their future value. You will have detailed guidance on how to prepare and maintain workpaper schedules to support positions taken on the financial statement.


Catherine Fox-Simpson, Partner
Corner Office, Dallas
Ms. Fox-Simpson has extensive experience in federal, multi-state and multi-national corporations and partnerships. She is a specialist in income tax accounting (ASC 740) and a regular presenter and writer on related topics. In addition, she has vast experience in mergers and acquisitions in each stage of the transaction from early planning to due diligence to implementation.

Yung Ling, Director, Multinational Corporate Tax Services
Burr Pilger Mayer, San Jose, Calif.
Mr. Yung has extensive public accounting experience with a strong emphasis on corporations and other business entities. His experience includes complicated tax provisions for public and pre-IPO companies, cross-border restructuring, Subpart F planning, and global corporate tax compliance issues. Mr. Yung specializes in both inbound and outbound transactions such as FIRPTA, Section 163(j), foreign tax credit optimization, and PFIC analysis.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) 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 for CPE credit.


To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Accounting For Income Tax: Beyond The Basics Of ASC 740
or via CD or On-Demand
Course Details
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