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.
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.