Accounting for Temporary Differences in Taxable Income
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Wishlisted Wishlist

Please confirm that you want to add Accounting for Temporary Differences in Taxable Income to your Wishlist.

Add to Wishlist

Accounting for Temporary Differences in Taxable Income

This course covers temporary differences in financial and taxable income for corporations.
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Last updated 7/2017
English
Current price: $10 Original price: $50 Discount: 80% off
5 hours left at this price!
30-Day Money-Back Guarantee
Includes:
  • 2 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Identify what is a temporary difference and how is it computed.
  • Identify what is a deferred tax asset.
  • Identify what is a deferred tax liability.
  • Recognize the proper financial statement presentation of temporary differences.
View Curriculum
Requirements
  • Prerequisite: Exposure to accounting for income taxes.
  • No advanced preparation is needed for this course.
Description

Although a majority of income and deduction items encountered by a business enterprise are treated identically for financial reporting and tax purposes, there are numerous items that are treated differently.  They are known as book-tax differences and are classified as either temporary or permanent

This course covers temporary differences, including:

  • How to identify and account for temporary differences.
    • an income/expense book-tax difference relating to financial income that will be recognized in the future is known as a deductible temporary difference creating a deferred tax asset. 
    • an income/expense book-tax difference relating to taxable income that will be recognized in the future is known as a taxable temporary difference creating a deferred tax liability. 
  • The balance sheet presentation of the deferred tax assets and deferred tax liabilities arising from these transactions.
  • How to prepare the journal entry to record the income tax expense (also called the income tax provision) including the deferred tax benefit/liability due to book-tax differences. 
    • What to do when these items reverse in a future period. 
Who is the target audience?
  • Anyone interested in finance, accounting or related fields.
Students Who Viewed This Course Also Viewed
Curriculum For This Course
9 Lectures
02:03:13
+
Introduction
7 Lectures 02:03:11


Liability Method and Depreciation
21:10

Tax Disclosures In The Financial Statements
09:49

Uncertain Tax Position and Case Study
10:21

Course Conclusion
03:17

Accounting for Temporary Differences In Financial and Taxable Income
01:07:09
+
Supporting Materials
2 Lectures 00:02
Slides: Accounting for Temporary Differences
00:01

Accounting for Temporary Differences Glossary/Index
00:01
+
Review and Test
0 Lectures 00:00
Review Questions
3 questions

FINAL EXAM
5 questions
About the Instructor
Illumeo Learning
4.2 Average rating
63 Reviews
599 Students
159 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Cherie Hennig (Illumeo)
0.0 Average rating
0 Reviews
0 Students
1 Course

Cherie received her Bachelor's, Master's, and Ph.D. degrees in accounting from the University of Colorado. She began her career as an IRS revenue agent in Denver, Colorado and has taught numerous undergraduate and graduate tax courses at University of North Carolina, Wilmington, Florida International University, Colorado State University, the University of South Florida, and Virginia Tech. She has published numerous tax articles in many major tax journals, is an author or co-author of numerous tax texts, including Practical Guide to Schedule M-3 Compliance (Second Edition) and Contemporary Tax Practice: Research, Planning and Strategies (Second Edition), both published by CCH. She has written and taught numerous continuing professional education courses. She was a faculty intern with local and national CPA firms, and conducted research for the IRS Statistics of Income Division and the District Office of Research and Analysis. She is a member of the American Taxation Association, the American Institute of CPAs, and served on the Tax Executive Committee of the AICPA Tax Division.