MON10 - Accounting for Potential Impacts of and Planning Strategies for the Administration’s Corporate Tax Proposals

Description

The change in Administrations brings a dramatic shift in fiscal priorities which many believe will be accompanied by higher effective tax rates for U.S.-based businesses among other significant corporate tax changes. Whether your company is forecasting unexpected losses or increased revenues, these changes will impact the financial reporting of income taxes under ASC 740. In this session, leading financial accounting practitioners will engage in an interactive dialog, covering topics such as, accounting for tax rate changes, distinguishing accounting errors from changes in estimates, tax disclosures related to tax law changes, and accounting for changes arising from planning strategies.

At the conclusion of this course, participants should:

• Have a more informed understanding of accounting for tax rate changes
• Understand the reasoning used to distinguish accounting errors from changes in estimates
• Be aware of different approaches to disclosing financial impacts of tax law changes
• Be aware of accounting issues that may arise from tax planning strategies

Moderator(s):

• Mr. Stephen Dunphy, VP, Tax Operations, Ross Stores, Inc.

Speaker(s):

• Mr. Ashby T. Corum, Partner-in-charge, Washington National Tax Acccounting for Income Taxes group, KPMG LLP
• Mr. Paul J. Vitola, Partner, Washington National Tax, Deloitte Tax LLP