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US GAAP ASC 740 (CPA FAR): Deferred & Current Tax Concepts
Rating: 3.8 out of 5(3 ratings)
66 students

US GAAP ASC 740 (CPA FAR): Deferred & Current Tax Concepts

US GAAP ASC 740 (CPA FAR): Deferred & Current Tax Concepts
Created byDr. Kamal Chhabra (US CPA & CA)
Last updated 1/2026
English
English [Auto],

What you'll learn

  • Accurately determine and record income tax expense for financial reporting purposes.
  • Identify and measure deferred tax assets and liabilities.
  • Apply ASC 740 principles to real-life business scenarios.
  • Analyze and interpret tax footnote disclosures.

Course content

5 sections • 5 lectures • 43m total length

  • Overview1:30

    In this series, you’ll gain a practical understanding of how income taxes impact financial reporting under U.S. GAAP (ASC 740). We’ll walk you through the key components that every finance and accounting professional should know.

    In this first video, we’ll explore:

    • Current Income Tax - how companies calculate and record the tax payable for the current year.

    • Intra-Period Tax Allocation - how income tax expense is distributed among various components of financial statements, like continuing operations or other comprehensive income.

    • Uncertain Tax Positions - how organizations handle situations where the tax outcome isn’t certain and must be evaluated for recognition and disclosure.

    • Deferred Tax Assets and Liabilities - how timing differences between financial and taxable income give rise to future tax benefits or obligations.

Requirements

  • Accounting and Finance Professionals who want to strengthen their understanding of how income taxes impact financial reporting and decision-making.
  • Tax Practitioners and Enrolled Agents (EAs) seeking to apply U.S. GAAP principles (ASC 740) in corporate tax planning and compliance.
  • CPA and CMA Candidates aiming to enhance their conceptual clarity on deferred taxes, valuation allowances, and tax disclosures.
  • Corporate Finance Executives and Analysts who need to interpret the tax implications of financial statements for better strategic insights.
  • Students and Graduates in accounting, commerce, or finance who want to build a strong foundation in tax accounting concepts to advance their careers globally.

Description

US GAAP ASC 740 (CPA FAR): Deferred & Current Tax Concepts - The Accounting for Income Taxes course provides a comprehensive understanding of how income taxes affect financial statements under U.S. GAAP (ASC 740). This course equips learners with the essential knowledge and analytical skills needed to account for current and deferred tax liabilities, recognize tax benefits, and manage the complexities of corporate taxation in today’s dynamic business environment.

The course begins by exploring the fundamental concepts of accounting for income taxes, including the distinction between current tax expense and deferred tax assets and liabilities. Participants will learn how temporary and permanent differences between financial and taxable income influence the recognition and measurement of income tax provisions.

Further, the course delves into the process of identifying, calculating, and recording deferred tax balances, ensuring learners understand how timing differences can impact future financial results. Learners will also gain practical exposure to valuation allowances, uncertain tax positions, and the presentation and disclosure requirements under ASC 740.

Through real-world examples, case studies, and step-by-step illustrations, this course helps learners build a solid grasp of how income taxes interact with financial reporting. Emphasis is placed on the link between tax strategy and financial performance - helping professionals interpret how tax decisions affect earnings, cash flows, and investor perception.

Who this course is for:

  • A basic understanding of accounting principles and financial statements (income statement, balance sheet, and cash flow statement).
  • Familiarity with fundamental taxation concepts such as taxable income and tax deductions.
  • Prior knowledge of U.S. GAAP or general accounting standards is helpful but not mandatory.
  • No prior professional experience in tax accounting is required - this course is structured to guide learners from foundational to advanced concepts step by step.

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