Meeting FAS 109 Compliance Challenges

Description

Eighteen years after its introduction, ASC 740 (previously FAS 109) on accounting for income taxes continues to vex U.S. companies and their advisors. For example, timing the release of valuation allowances and reconciling income tax provisions with returns remain complex and challenging.

The list of prickly issues continues including technical disclosure issues such as handling errors vs. changes in estimates. As states convert to single-sales apportionment, net deferred taxes could be overstated. Applying tax-rate changes (including phase-in periods) isn't always easy.

Meanwhile, the latest accounting guidance on goodwill impairments, business combinations and convertible debt instruments triggers even more confusion. Taxpayers and advisors need to revisit ASC 740/FAS 109 ongoing issues, with the benefit of experiences explained by veteran peers.

Listen as our panel of savvy tax and accounting advisors addresses persistent and timely FAS 109 compliance challenges and offers their insights for tackling those challenges.

Outline

1. Persistent taxpayer challenges with ASC 740 (FAS 109)
   1. Tax return-tax provision reconciliations
   2. Return errors-estimate changes reconciliations
   3. Release of valuation allowances
   4. As states convert to single-sales apportionment, their net deferred taxes could be overstated
   5. Dealing with new accounting guidance for convertible debt instruments, affecting recognition and measurement of interest cost
   6. Recognizing changes in tax rates, including phase-in periods
   7. Effects of goodwill impairment test on deferred taxes
   8. Impact on FAS 141R on business combinations tax accounting and transaction costs
2. Implications of compliance and disclosure decisions made for those challenges
3. Best practices and alternative approaches

Benefits

The panel will analyze these and other relevant issues:

• Reconciling income tax returns with tax provisions, or errors with changes in estimates.
• Timing of the release of valuation allowances.
• Timing of the handling of tax rate changes, including phase-in periods.
• Handling goodwill impairments and the effects of a goodwill impairment test.

Upon completion of this webinar, you will have new insights and approaches to deal with persistent ASC 740 (FAS 109)-related issues that continue to confront corporate taxpayers on a routine basis.

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