Financial statements prepared for stockholders and external users follow Generally Accepted Accounting Principles (GAAP), while tax returns adhere to the Internal Revenue Code (IRC). These frameworks differ in recognizing profitability, influencing reported income significantly.
DESIGNED FOR
Accounting professionals
BENEFITS
After attending this presentation, you will be able to...
- Recognize variations in income recognition.
- Recognize deductible expenses between GAAP and IRC affect reported profitability and tax liabilities.
- Compute deferred tax assets and liabilities, learning their impact on financial statements and future tax obligations.
HIGHLIGHTS
The major topics that will be covered in this course include:
- Introduction to GAAP and IRC Frameworks
- Key Differences Between Financial Reporting and Tax Reporting
- Understanding Timing Differences
- Recognition of Revenue and Expenses Under GAAP vs. IRC
- Discussion of Deferred Tax Assets
- Impact of Deferred Tax Liabilities
- Permanent vs. Temporary Differences
- Reconciliation of Book Income to Taxable Income
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
This webinar is hosted by NJCPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information. If you do not receive this email you can contact CPA Crossings, LLC at (877) 370-2220.