Objectives
• Calculate income tax expense for financial statement purposes.
• Identify and classify deferred tax assets and deferred tax liabilities.
• Identify how to complete a worksheet that provides documentation for the reporting and disclosure requirements and for the preparation of required journal entries.
• Determine how to account for operating loss carryforwards and tax credit carryforwards.
• Recognize how to compute the valuation allowance with consideration given to items that are allowed to reduce the need for
an allowance.
• Apply concepts to practical situations.
