A two-day technical update with live instruction on the latest GAAP tax accounting rules and implementation of the new Accounting Standards Codification (ASC) for income taxes (ASC 740)

Benefits of Attending

• Learn where to find the pertinent tax accounting provisions under the Accounting Standards Codification (ASC 740) of the FASB (FAS 109) rules
• Refresh your skills in computing current and deferred tax in assembling the annual tax provision
• Discover the ASC rules, replacing FAS 141,for the treatment of purchased goodwill and intangible assets
• Consolidating foreign operations and application of 740-30-05 (APB #23) for deferral of U.S. taxes on foreign income
• Find out the new ASC tax reporting requirements for domestic production benefits under Sec. 199
• Understand the IRS’ tax reporting requirements for M-3 adjustments, FIN 48 and Uncertain Tax Positions
• Determine the latest strategies for managing your company’s tax accounting function effectively and accounting for the effects of new legislation
• Ascertain how the new ASC 718-740 (SFAS 123r) rules apply for stock-based pay and transactions involving stock option compensation
• Learn how the latest U.S. foreign tax changes will affect earnings in 2010 and 2011

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

BNA | CITE Conference Registration - Page 1

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