Income

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IASB & FASB have been working to iron out the many subtle yet significant differences between income tax accounting rules under US GAAP and IFRS models. Recently, an exposure draft was issued which aims to address the key provisions including: tax basis, uncertain tax positions, deferred taxes on recognition of assets and liabilities, subsidiaries and investments, intraperiod allocation, presentation and distributions.

The Knowledge Group has assembled a panel of key thought leaders and regulators to help financial/tax executives understand all the important issues with respect to this important topic. This live webcast is a must attend for all financial/tax executives who need to be in the know with respect to income tax accounting and IFRS.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093878
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Significant Changes to Income Tax Accounting live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Anne McGeachin, Senior Project Manager,
International Accounting Standards Board (IASB)

- Overview of IASB project and next steps
- Main proposals in the ED
- Tax basis
- Deferred tax that arises on initial recognition of assets and liabilities
- Exemption for investments in subsidiaries and joint ventures
- Uncertain tax positions
- Intra-period allocation of tax

SEGMENT 2:


John R. McGrath, Managing Director / Forensic & Litigation Consulting,
F T I

- General observations on current state of the IFRS roadmap

- Specific changes proposed in Exposure Draft dated March 2009 from IASB on Income Taxes

  - Uncertain Tax Positions
    - GAAP-Two step process, record largest amount of tax benefit greater than 50% likely to
      be realized
    - IFRS-No specific guidance, expected amount with reference to IAS 37
    - ED Proposal-Recognize the probability weighted average of possible outcomes. Assumes
      full knowledge by tax authorities

  - Recognition of Deferred Tax Assets
    - GAAP-Recognized in full. Valuation allowance reduces to amount more likely than not
      to be realized
    - IFRS-Only recognized to extent probable of recovery
    - ED Proposal-Recognize in full, less valuation allowance, to highest amount more likely
      than not to be realized

  - Tax basis
    - GAAP-Question of fact
    - IFRS-Amount deductible or taxable based upon management intent to settle or recover the
      carrying amount
    - ED Proposal-Eliminates the requirement to assess management intent and reflects recovery
      of carrying amount by sale

- LIFO Inventory considerations
    - GAAP-Permitted
    - IFRS-Prohibited
    - Possibilities

SEGMENT 3:


Michael DeSimone, Senior Manager, International Tax,
Thomson Reuters

** Speaker Talking Points to be added soon.. **



International Accounting Standards Board (IASB)
Anne McGeachin
Senior Project Manager
speaker bio »»

F T I
John R. McGrath
Managing Director / Forensic & Litigation Consulting
speaker bio »»

Thomson Reuters
Michael DeSimone
Senior Manager, International Tax
speaker bio »»

Who Should Attend?

- CPAs
- Accountants
- Tax Managers/Executive
- Tax Attorneys
- Internal Audits
- CFO's
- Financial Planners and Executives
- Tax Consultants

Why Attend?

This is a must attend event for anyone interested in understanding the related issues and changes to Income Tax Accounting
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    



Significant Changes to Income Tax Accounting and IFRS LIVE Webcast
Speaker Firms:


International Accounting Standards Board (IASB)







 

The Knowledge Conference 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. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

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