A two-day intermediate level update with live group instruction of the latest tax accounting rules under FAS #109 and how they affect U.S. multinationals

Benefits of Attending

• Learn how to compute current and deferred taxes in assembling the corporate tax provision under FAS #109
• Discover how FAS #141(R) eliminates differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) involving M&A activity and the treatment of purchased goodwill
• Find out the latest tax accounting requirements for reporting domestic production (Sec. 199) benefits
• Understand how the FIN 48 rules apply for recognizing, derecognizing, and measuring uncertain tax positions for public and non-public companies
• Find out how transfer pricing affects financial statement preparation for U.S. multinationals
• Learn how APB #23 applies to defer the U.S. tax cost on foreign earnings that are permanently reinvested
• Ascertain how the new FAS # 123 rules for stock options, restricted stock plans and other stock-based compensation affect your company
• Find out how to document and prepare supporting workpapers for satisfying the Sec. 404 certification requirements
• Discover how the reduction in FTC baskets and overall loss recapture rules affect the U.S. tax on foreign earnings
• Featuring a discussion of the new IRS 2010 Schedule UTP

Educational Course Credit — Up to 15 CPE / CLE Credits Available

Substitutions/Cancellations

Cancellations received more than 72 business hours prior to the meeting will be issued a credit. A $350 fee will apply to cancellations received within 72 business hours of the event. No credit card or cash refunds will be issued at any time. For more information regarding administrative policies, such as complaints and refunds, please contact us at 1-914-328-5656, or e-mail info@citeusa.org. Credits will not be issued for "no shows"

Day One

8:00 am Registration and Continental Breakfast

8:30 am CITE Welcome and Introduction

8:45 am Overview of FAS # 109 – Step by Step Approach

• Understanding the asset and liability approach - key terms and definitions under FAS # 109
   
• How companies calculate the income tax provision for financial reporting purposes - applying FIN #48
   
• Forecasting the effective tax rate - basic tax footnote and quarterly disclosure requirements
   
• How to measure current and deferred tax liabilities and assets - understanding valuation allowances and exceptions to deferred tax accounting (e.g.,ARB 51 and APB 23)
  

10:30 am Break for Refreshments

10:45 am Accounting for Uncertainties in Income Taxes (FIN 48)

• What constitutes a tax position and when must a tax position be recognized?
   
• Ascertaining whether a tax position satisfies the more-likely-than-not standard
   
• Determining the amount of benefit or cost, including interest, to be recognized for financial reporting purposes
   
• Reconciling subsequent recognition or derecognition of a tax position
   
• Application to non-public companies – deferral of effective date under proposed FASB Staff Position (FSP) FIN 48-b
  

12:15 pm LUNCHEON

1:30 pm Consolidation and Accounting for Foreign Operations and Taxes

• Special U.S. GAAP accounting issues in consolidating the results of global subsidiaries – consolidation v. equity method
   
• Reviewing foreign current v. deferred taxes on foreign income - application of APB #23 to defer U.S. tax on foreign earnings
   
• Reporting the results of branches, partnerships or check-the-box entities - inside v. outside basis differences
   
• Computing the U.S. tax on foreign income – treatment of foreign withholding taxes – reduction in FTC baskets
   
• Treatment of translation gain under FAS 52
  

3:00 pm Break for Refreshments

3:15 pm Role of Transfer Pricing in Preparing Financial Statements

• Current audit environment and documentation requirements
   
• Transfer Pricing within the scope of FIN 48 - defining and identifying Units of Account - Best Practices for using FIN 48 analyses to the company’s benefit
   
• Developing an objective, efficient process for recognition and measurement
   
• Performing cumulative probability analyses for intercompany transactions - level of assurance and regulatory considerations
  

4:45 pm Meeting Adjourns for the Day

Day Two

8:00 am Continental Breakfast

9:00 am Accounting for Goodwill and Other Intangibles

• Tax accounting treatment of goodwill and other intangibles – testing for impairment in computing the income tax provision
   
• Understanding how taxable v. tax-free acquisitions and business combinations affect goodwill and EPS
   
• Consequences of making a basis step-up election under Sec. 338 – interrelationship with purchase accounting
  

10:30 am Break for Refreshments

10:45 am Compensation Issues

• Reporting stock options issued to employees
   
• Accounting for stock-based compensation under SFAS 123r and transactions involving stock compensation
   
• Income tax accounting for "plain vanilla" stock options - understanding the book v. tax rules
   
• Current use of stock options in business combinations and other special situations
  

12:15 pm LUNCHEON

1:15 pm Reducing the U.S. Tax Rate on Domestic Production Activities

• Projecting rate benefits from domestic production activities – computing the Sec. 199 deduction in 2005 and 2006
   
• Determining income attributable to production activities and QPAI amounts eligible for the deduction
   
• Preparing workpaper support for the Sec. 199 deduction– complying with FSP 109-1 and footnote disclosure – IRS audit update
  

2:30 pm Break for Refreshments

2:45 pm Comparison of U.S. GAAP and IFRS Tax Accounting Standards

• Understanding differences between International Accounting Standards (IAS) #12 and FAS #109
   
• Status of the latest EU Accounting Directives
   
• Implementation of IFRS Regulations in Canada
   
• Material differences between IAS #12 and FAS #109 - IASB – FASB convergence agreement
  

4:00 pm Meeting Ends

CITE Conference Registration - Page 1

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1. Complete this form and fax Page 2 to 914-328-5757
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