Accounting Meets Taxation: Key Differences and Practical Insights

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

Description

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.

Course Objectives

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.


Target Audience

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.

Basic Understanding

Participants should have a basic understanding of financial statements and tax principles.

Course Content

No sessions available.

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Accounting Meets Taxation: Key Differences and Practical Insights

Session 1: Overview of GAAP and IRC: Objectives and Principles

No lectures available

Session 2: Revenue and Expense Recognition Differences under GAAP vs. IRC

No lectures available

Session 3: Timing and Permanent Differences: Impact on Financial Statements and Tax Returns

No lectures available

Session 4: Deferred Tax Assets and Liabilities: Creation, Measurement, and Examples

No lectures available

Session 5: Carryforwards and Carrybacks: Practical Applications

No lectures available

Session 6: Presentation of Temporary Differences and Income Tax Expense in Financial Statements

No lectures available

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