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

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.


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.


  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


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


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.


Recorded Event

Includes full event recording plus handouts.

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

Recorded Webinar Download $247.00

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Recorded Audio Download (MP3) $247.00

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

Program Materials

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Program Materials

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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.

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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['

I liked the clear and concise manner in which the topics were presented.

Angelina Johnson-Brown

General Electric Company

I liked that the PowerPoint slides would automatically change as the speaker's presentation progressed.

Zeeshan Elahi


or call 1-800-926-7926

Sales and Use Tax Advisory Board

Silvia Aguirre

Chief Certificate Officer


Rick Bregitzer

Manager of Domestic Taxes


Stephanie Anne Lipinski-Galland


Williams Mullen

Joseph Geiger, Esq., CPA

Tax Consultant


Diane Matulich

Senior Manager, Local Taxes

Advanced Micro Devices

Rich Prem

VP of Indirect Taxes and Tax Reporting

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.