Sales and Use Tax Reserves: Financial Accounting Standards Under ASC 450 and IAS 37
Establishing and Maintaining Accruals, Provisions, and Disclosures of Contingent Liabilities
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax professionals with a review of current best practices for establishing, documenting, and maintaining reserves for uncertain sales and use tax positions of multinational companies using the most current interpretations of financial reporting under U.S. U.S. GAAP and International Financial Reporting Standards.
Outline
- Identifying tax uncertainties and initial decisions about a sales and use tax reserve
- The role of ASC 450 and IAS 37 in establishing and measuring a sales tax reserve
- Anticipating events that may impair assets or increase liabilities
- Audit detection considerations in recognizing a loss contingency
- ASC 450 and IAS 37 comparison
- Planning opportunities to mitigate sales and use tax loss contingencies
Benefits
The panel will review these and other key issues:
- Reserve-related red flags in audit disclosures and financial statements
- Financial accounting standards under ASC 450 and IAS 37
- Audit detection considerations in recognizing a loss contingency
Faculty
James A. Bartek, CPA
Partner, State and Local Tax Services
Withum Smith+Brown
Mr. Bartek leads the Firm’s State and Local Tax Services and has over 25 years of professional experience in... | Read More
Mr. Bartek leads the Firm’s State and Local Tax Services and has over 25 years of professional experience in advising clients in the areas of ASC 450 (fka FAS 5), reverse sales and use tax audits, audit defense and appeal, sales tax systems automation, negotiation of voluntary compliance agreements, transaction analysis, Sarbanes/Oxley requirements, Streamlined Sales Tax Agreement, and sales/use/excise tax compliance services.
Close-
CloseBonnie Susmano, JD, MBA
State and Local Tax Manager
Withum Smith+Brown
Ms. Susmano provides client service to multi-state companies, including advisory, compliance review, planning,... | Read More
Ms. Susmano provides client service to multi-state companies, including advisory, compliance review, planning, technology, and controversy.
CloseAccess Anytime, Anywhere
CPE credit is not available on downloads.
CPE On-Demand