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: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093878
Anne McGeachin
Senior Project Manager
Michael DeSimone
Senior Manager, International Tax
John R. McGrath
Managing Director / Forensic & Litigation Consulting
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
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
Michael DeSimone, Senior Manager, International Tax, Thomson Reuters
** Speaker Agenda to be added soon.. **
- CPAs
- Accountants
- Tax Managers/Executive
- Tax Attorneys
- Internal Audits
- CFO's
- Financial Planners and Executives
- Tax Consultants
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