2 CPE ASC 740, Income Taxes, addresses how companies should account for and report the
effects of taxes based on income. Unique characteristics of different tax jurisdictions
across the United States can make it difficult to determine whether a particular tax is
based on income. The existing guidance related to accounting for income taxes under
ASC 740 did not change as a result of the passage of the Tax Jobs and Cuts Act.
ASC 740 establishes standards of financial reporting for currently payable income
taxes as well as deferred income taxes payable at some point in the future. The requirements of ASC 740 can significantly impact how a company reports its current and
future income tax expense or benefit on the income statement, as well as how deferred
tax assets or liabilities are reported on the balance sheet.
This course focuses on what would constitute a tax based on income. We
discuss the applicability of ASC 740 to various types of entities including how to define
a tax based on income, temporary vs. permanent tax differences and the basic
objectives and principles of ASC 740.
Who Should Consider this Course?
Business owners and operational professionals Accountants and Finance professionals and Internal auditors Tax and Legal professionals
Learning Objectives
- Identify components of ASC 740 and types of taxes that are included
- Discover how to identify taxes based on income
- Recognize the applicability of ASC 740 based on the entities legal form
- Explore the objectives and basic principles of ASC 740
- Discover how temporary to identify temporary and permanent differences.
- Explore recognition and measurement principles
- Identify between accounting estimates and errors
- Explore how to account for uncertainty in income taxes
Last updated/reviewed: August 6, 2023
Included In Certifications
This course is included in the following Certification Programs:
18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification
- Financial Statement Introduction
- GAAP Principles, Assumptions and Considerations
- GAAP Presentation of Financial Statements
- Management Discussion and Analysis (MD&A) Update
- Sarbanes Oxley Overview
- Sarbanes-Oxley Section 302: ICFR
- XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
- XBRL - Connection to SOX 302/404 and Critical Roles
- Analyzing Financial Ratios - Solvency, Liquidity and Debt
- Analyzing Financial Ratios - Leverage
- Analyzing Financial Ratios - Performance And Efficiency
- Financial Statement Audit in Accordance with GAAS - General Standards
- Financial Statement Audit in Accordance with GAAS - Conducting the Audit
- Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion
- Introduction to Accounting for Income Taxes Based on Income
- Practical Application For Accounting For Income Taxes Based On Income Part 1
- Practical Application For Accounting For Income Taxes Based On Income Part 2
- FASB Codification Research System
44 Reviews (243 ratings)
Reviews
Anonymous
(Accountant)
The course teaches hard and useful concepts for people without basic knowledge. I think having the slide notes could be improved with more pictures, illustrations and highlighting the notes where it is important for people to remember in mnemonic. This way it will help people to capture the big picture of the hard concepts that it is trying to convey.
Anonymous
(VP, WFM and BusTech)
I always enjoy Lynn's courses, she delivers content in a straight-forward manner and includes examples to reiterate key learnings! Great supporting materials also provided in this course. My knowledge of ASC 740 was minimal prior to taking this course; however, I now have a general understanding of the key concepts.
Mark Eastman
(Accountant at Self)
I'm not sure this really works as a "technical" only overview. My preference would have been to blend the technical material here with the practical application topics to re-enforce the technical. May result in one long course but easier to retain and digest the material.
DAN ZOU
(Payroll manager at Sinopro International Resources Inc.)
There are two primary methods of accounting— cash method and accrual method. The alternative bookkeeping method is a modified accrual method, which is a combination of the two primary methods.
Anonymous
(Technology Risk Analyst)
I liked the details explained regarding ASC 740 in the lecture and how they were all condensed into a little over an hour lecture - could use some more balance sheet examples though.
Deseree Ware
(ESR at ADP)
I will be honest I when I 1st saw the title I thought I would get tips for my own personal Income Taxes, but instructor was great like always so still worth while information
Anonymous
(Director of Finance)
The content was clear, well explained and easy to follow. The slides include the perfect amount of detail to highlight important aspects without being overwhelming.
Anonymous
()
Great overview of DTA' and DTL's. Good examples given, and I like that Lynn tells us
how/where to look up more detail directly from FASB if needed.
Anonymous
(Corporate Controller)
Very informative and straight-forward. This would be best for someone who just wants a high-level overview of taxes in the financial statements.
Anonymous
(Controller)
This is another wonderful and informative course from my favorite instructor. I can't wait to take the 2 additional courses in this series.
Kaylah Edwards
(Sr. Accountant at Charter Communications)
This course was excellent. I learned a great deal. I appreciate courses such as this because it will help me grow within my career.
Anonymous
()
Good course overall. A few of the exam questions were worded oddly and there may have been a few mistakes/tricks in the wording.
Liam Gordon
(Dash 8 First Officer at Central Mountain Air)
Excellent summary of ASC 740, including on some of the more technical and less well generally understand areas of the standard.
Anonymous
()
The overview provided in this course was very easy to follow. Each topic built off the last which I thought was very helpful.
Anonymous
(Controller)
This is a great class to give you a basis on ASC740 without getting too technical. It gives you a platform to build of of.
Anonymous
()
Good intro to ASC 740 and a good refresher for anyone that has not been involved in income tax accounting for a while.
Anonymous
(Staff Accountant)
Good use of textbook and professional application of the material; quick paced but full of good information
Derek Ettinger
( at GP Fund Solutions, LLC)
Lynn is an excellent instructor. I have taken several of her courses and have yet to be disappointed.
Anonymous
()
Very informational. I love this instructors style and ability to explain the information. Thank you!
Anonymous
(Accountant)
Good coverage of the theory. I'm looking forward to the practical applications in the next course.
Anonymous
(Financial Reporting Manager)
Good explanation of deferred tax assets and liabilities. PDF of the slides is a useful reference.
John Clifton
(President at Owl Creek Holdings)
ASC 740 is an important topic and this class gives good information for understanding it better.
ERICA CARPER
( at a)
Excellent, comprehensive review exposing all aspects of ASC740 in a surprising amount of depth.
Anonymous
(Tax)
Great instructor and presentation! The material is explained in simple terms and informative.
Anonymous
(Corporate Controller)
Good general overview of ASC 740. Please review test questions for general grammar issues.
Anonymous
(Controller)
Excellent starter course and taught effectively. Can’t wait for the other related courses.
Anonymous
(Finance and Accounting Consultant)
The course was a solid overview of the topic, covering key relevant content areas.
Anonymous
(Senior Finance Rotational Associate)
This course narrows in on specific details and provides helpful real-life examples.
Anonymous
(Senior Revenue Manager)
I enjoyed the course content and it was beneficial to understanding tax provisions
Monica Plymale
(Tax director at Verizon)
great instructor. this is a good basics course for accounting for income taxes.
Anonymous
(HR Director)
I enjoyed this course because I learned about things I have not heard of yet!
KIM MILLER
( at Miller's Mowing & More)
This webinar is very educational. Thank you for the opportunity to view it.
Anonymous
(Associate)
Nice course. Course material was laid out well and presentation was concise.
Anonymous
()
Very good course for a challenging and sometimes confusing (for me) topic.
Anonymous
()
Great course. It was very clear and easy to understand. Thank you !!!!!
Anonymous
(Payroll Manager)
This course was helpful to me in obtaining credits for recertification.
Anonymous
(Tax Analyst)
Good review course to refresh yourself on the principles of ASC 740.
Steven Meek
(Snr Tax Director at Yahoo, Inc)
Helpful refresher course on the basics accounting for income taxes
Mi Young Kim
(Managing Director at Vine Consulting Limited)
Not easy course, but it is worthy to spend times to learn ASC 740.
Anonymous
()
Good explanations and pacing. Very clearly explained everything.
Anonymous
(CPA)
Good introduction and discussion of complicated subject matter.
Anonymous
()
Well structured and presented course that met its objectives.
Anonymous
()
Interesting topic. I really gained a lot of knowledge here.
Annie Montemarano
(Assistant Controller at Summit Partners)
Very informative and was aligned with the test......
Prerequisites
Course Complexity: Intermediate
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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- Email: info@illumeo.com
- Phone: 408-400-3993
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