Whether you are new to tax accounting or are in need of a refresher, this half-day, interactive workshop covers the fundamentals of the tax provision computation in accordance with ASC 740. Participants will work together under the guidance of KPMG instructors to complete a comprehensive case study requiring the preparation of a tax provision for a representative community/regional domestic bank. Throughout the completion of the case study, the workshop will also highlight select recent developments and common areas of challenge with respect to ASC 740.
4 CPE Credits NASBA Field of Study: Accounting & Auditing
At the end of the training, professionals will be able to:
Complete the steps required to prepare a tax provision pursuant to ASC 740;
Compute total tax expense or benefit and deferred tax assets or liabilities;
Identify common book-tax differences for banks;
Recognize significant factors requiring a valuation allowance with respect to deferred tax assets;
Prepare an effective tax rate reconciliation;
Understand significant state tax considerations in tax provisions; and
Properly present income taxes in the financial statements.