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

A live 110-minute CPE webinar with interactive Q&A


Thursday, April 6, 2017 (in 10 days)
1:00pm-2:50pm EDT, 10:00am-11:50am PDT


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.

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

Learning Objectives

Upon completing this seminar, you will be able to:

  • Identify sales and use tax uncertain positions
  • Determine the impact of FAS 5/ASC 450 on setting a sales tax reserve
  • Recognize events that may impair assets or increase liabilities

Faculty

William Ault, Director
Crowe Horwath, New York

Mr. Ault has worked as a multi-state tax consultant for 27 years. Much of his career before coming to Crowe Horwath was spent at Deloitte & Touche, where he led the firm's sales Tax Practice for 13 years.

Myron Vansickel, National SALT COE Tax Director
Experis, Washington, D.C.

Mr. Vansickel works with clients on sales and use, income/franchise, and property tax matters in a multi-state and international context. He previously worked as director of the state and local tax center for Jefferson Wells, before it was renamed Experis; for a Big Four firm; and as VP of Taxes for a large communications and marketing company.


Registration per Person for Live Event

Live Webinar $247.00

Live Webinar & CPE Processing $282.00


CPE per Person on Live Event

Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of setting reserves for uncertain company sales and use tax positions using the most current interpretations of ASC 450(fka FAS 5) and IAS 37 under IFRS reporting requirements.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $247.00
Available 48 hours after the live event

How does this work?

Recorded Audio Download (MP3) $247.00
Available 24 hours after the live event

How does this work?

DVD (Slide Presentation with Audio) $247.00 plus $9.45 S&H
Available ten business days after the live event

How does this work?


Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $344.00

Recorded Webinar Download Only $97.00 with Registration/Webinar Combo

Live Webinar & Audio Download $344.00

Recorded Audio Download (MP3) Only $97.00 with Registration/MP3 Combo

Live Webinar & DVD $344.00 plus $9.45 S&H

DVD (Slide Presentation with Audio) Only $97.00 with Registration/DVD Combo


NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

or call 1-800-926-7926

Can't Attend the Live Program?

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

Customer Reviews

The seminar was very thorough and the slides were great! I can use them as reference materials in the future.

Antonette Colon

Saslow, Lufkin & Buggy

I particularly enjoyed the information on reserves analysis.

Ieuan R. Sandiford

Avis Budget Group

The information was very relevant and timely.

Robert Uribe

Federal-Mogul Corporation - Tax Departmen['

The webinar was fast paced and comprehensive.

Lorraine Round

SAP

The program had excellent presenters that were extremely knowledgeable.

Lisa R. Volland

Legacy Professionals

or call 1-800-926-7926

Sales and Use Tax Advisory Board

Silvia Aguirre

Principal

CertCapture

Rick Bregitzer

Manager of Domestic Taxes

Parker–Hannifin

Stephanie Anne Lipinski-Galland

Partner

Williams Mullen

Joseph Geiger, Esq., CPA

Tax Consultant

Vertex

Diane Matulich

Senior Manager, Local Taxes

Advanced Micro Devices

Rich Prem

VP of Indirect Taxes and Tax Reporting

Amazon.com

or call 1-800-926-7926

Our Guarantee

Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.