2023-2024 Catalog

TAX-881 Accounting for Income Taxes

Accounting for income taxes and their financial statement impact is one of the most complex aspects of US GAAP and one of the most risky areas prone to financial misstatements and audit issues. This course covers the principals of accounting for income taxes under ASC 740. Topics include calculation of current and deferred taxes, valuation allowance, uncertain tax positions (formerly FIN 48), and issues pertaining to multinational companies including permanently reinvested earnings. The course exposes students to professional tax practice by incorporating a case assignment which includes financial statements and requires the preparation of the adjusting journal entries, the preparation of the tax footnotes to include the deferred asset/liability, the calculation of the effective tax rate, and writing of the related disclosures.




Take TAX-801 and TAX-862, or receive MST Program Director approval.