Sales and Use Tax Reserves: Reconciling ASC 450/FAS 5 Reserve Requirements With IAS 37 Standard for Foreign Activities

Establishing and Maintaining Accruals, Provisions and Unrecognized Contingent Liabilities

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, April 6, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar 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 U.S.-based multinational companies using the most current interpretations of ASC 450 (f/k/a FAS 5) and IAS 37 under IFRS by U.S. and foreign government agencies.

Description

Under the terms of ASC 450 (FAS 5) and now IAS 37, the requirements have never been more intense for determining reserves for uncertain sales and use tax positions. Tax professionals must prepare for enforcement scrutiny with practical strategies and best practices for setting reserves.

FASB ASC 450 and IAS 37 require companies to accrue for uncertain loss reserve, make disclosure of significant changes in estimate, and provide “early warning” disclosure for possible losses.

As the national economy continues to recover, U.S. and foreign government pressure on companies for substantial reserves against a sales or use tax position must be balanced against the impact on the business’ own financials.

Listen as our panel of experienced sales tax advisers shares their insights and current best practices for creating prudent reserves against uncertain sales or use tax positions.

READ MORE

Outline

  1. Identifying tax uncertainties and initial decisions about a sales and use tax reserve
  2. The role of FAS 5/ASC 450 and IAS 37 in setting a sales tax reserve
    1. Anticipating events that may impair assets or increase liabilities
    2. Audit detection considerations in recognizing a loss contingency
    3. ASC 450 and IAS comparision
  3. The role of ASC 740 and ASC 740-10 in setting a sales tax reserve

Benefits

The panel will review these and other key issues:

  • Reserve-related red flags in audit disclosures and financial statements
  • Terms of ASC 450 (FAS 5) and IAS 37
  • Audit detection considerations in recognizing a loss contingency

Faculty

William Ault
William Ault
Director
Crowe Horwath

Mr. Ault has worked as a multi-state tax consultant for 27 years. Much of his career before coming to Crowe...  |  Read More

Myron Vansickel
Myron Vansickel
National SALT COE Tax Director
Experis

Mr. Vansickel works with clients on sales and use, income/franchise, and property tax matters in a multi-state and...  |  Read More

Other Formats
— Anytime, Anywhere

Download

$247