Conducting business in today’s global environment has become increasingly complex, and financial accounting standards have, for the most part, followed suit. We have assembled an expert team of ASC 740 specialists to separate the wheat from the chaff and convey what in-house tax professionals need to know about recent FASB accounting standards updates and significant financial accounting impacts of recently enacted tax legislation, regulatory updates, and proposed legislation that has a reasonable likelihood of being enacted in the near term. Panelists will engage in an interactive dialog, covering the new accounting standards for reporting government assistance; new FASB guidance for contract assets and liabilities acquired in a business combination; impacts of the new law limiting deductibility of section 174 R&E expenditures; and potential impacts and compliance challenges of technical changes in the foreign tax credit regulations and legislative proposals involving GILTI and implementation of the OECD Pillar 2 minimum tax and Pillar 1 tax base determinations.
At the conclusion of this course, participants should:
Understand the new accounting standards for reporting government assistance (ASU 2021-10) and for contract assets and liabilities acquired in business combinations (ASU 2021-08) how they may impact their employer’s financial disclosures;
Gain awareness of the different tax calculations that are impacted by changes to IRC section 174 and the attendant ASC 740 considerations;
Understand the potential financial accounting impacts of technical changes to the foreign tax credit regulations and how they may impact their employer’s financial disclosures;
Gain awareness of the tax implications of legislative proposals involving GILTI and their corollary impacts on financial accounting;
Gain awareness of the general tax implications of proposed U.S. legislation implementing the OECD Pillar 2 minimum tax and Pillar 1 tax base determinations and the potential ASC 740 considerations thereof