Explore the key differences between GAAP financial statements and IRC tax returns, focusing on revenue recognition, expense reporting, deferred taxes, and financial statement presentation to ensure accurate financial reporting and tax compliance.
Productivity
2 Hours
This webinar provides a detailed comparison of financial statements prepared under Generally Accepted Accounting Principles (GAAP) and tax returns prepared according to the Internal Revenue Code (IRC). Participants will explore the distinct objectives, principles, and methodologies of these frameworks, including their impact on revenue recognition, expense reporting, and financial statement presentation. Topics include deferred tax assets and liabilities, timing and permanent differences, and reconciling financial and tax reporting with real-world scenarios.
Understand the fundamental differences between GAAP and IRC in revenue and expense recognition.
Analyze timing and permanent differences and their implications for financial statements and tax returns.
Examine the creation and measurement of deferred tax assets and liabilities.
Apply GAAP and IRC principles to reconcile financial statements with tax returns for informed decision-making.
Review carryforwards, carrybacks, and their presentation in financial statements.
This webinar is designed for finance professionals, accountants, tax consultants, and business leaders who need a clear understanding of the relationship between GAAP-based financial statements and IRC-based tax returns.
Participants should have a basic understanding of financial statements and tax principles.
No sessions available.
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