USC LEVENTHAL SCHOOL OF ACCOUNTING
ACCT 583 INCOME TAX ACCOUNTING AND AUDITING
FALL 2015
TH 6:30 p.m. 9:30 p.m. JKP 204
Foundation in the Principles of the Accrual of Income Taxes in Connection with Financial Audits.
SYLLABUS
INSTRUCTOR:MaryAnne Sabido Werner
Assistant Professor of Clinical Accounting
Leventhal School of Accounting
Room 213
Phone 213-821-4144
Email: [email protected]
OFFICE HOURS: Tuesdays & Thursdays: 5:15 6:15 p.m. and by appointment (virtual and in person appointments available)
EMERGENCY USC Emergencies 740-4321
NUMBERS:USC Emergency Information Line 740-9233
USC Information Line 740-2311
KUSC Radio 91.5
REQUIRED See Blackboard for instructions to access online:
READINGS: Accounting Standards Codification 740 (available on line)
Finanacial Reporting Developments/Income Taxes, Ernst and Young, September 2014 (will be provided on Blackboard)
LEARNING OBJECTIVES:Upon taking this course, the student will be able to:
1. Create a set of working papers to facilitate the analysis and audit of a corporations income tax provision by completing a group case study project
2. Prepare and explain the income tax footnotes to financial statements by preparing sample footnotes
3. Determine the tax adjustments required to be booked in connection with a business combination by analyzing fact patterns and solving problems
4. Explain financial statement reporting of the tax consequences of issuing stock based compensation by analyzing footnotes of public companies and solving problems
5. Calculate and audit the amount of tax liability that should be recorded on the financial statements for uncertain tax positions by completing a group case study project
6. Analyze the need for and determine the amount of any valuation allowance needed for deferred tax assets by preparing a report and solving problems
PROGRAM LEARNING OUTCOMES:
The following are the five Student Learning Outcomes developed for this program by the USC Leventhal faculty and administration and filed with the AACSB, the accrediting body for accounting and business schools. This course will deal primarily with learning outcomes #1 and #3, and to a lesser extent with learning outcomes #2 and #4.
1. Technical, Conceptual, Problem-Solving
Students will be competent in and be able to apply discipline-specific knowledge and skills in the fields of accounting or taxation. This learning outcome includes the development of critical thinking and problem-solving skills, as well as an understanding of the strategic role of accounting and taxation in business organizations and society.
MBT specificApply critical thinking and problem-solving skills related to accounting for taxation of corporations.
2. Professional Development
Students will be able to communicate clearly and strategically, after considering the relevant audience, situation, and purpose of the communication. Students will demonstrate the ability to work productively with others to accomplish established goals.
MBT specificConvert complex and technical tax terminology into language that translates to non-technical audiences. Demonstrate strong interpersonal communication skills that build relationships with clients over time. Document exchanges with careful attention to word choice, tone, and accuracy.
3. Research/Life-Long Learning
Students will be able to use relevant research databases and academic/professional literature to gain new knowledge and analyze business situations.
MBT specificUse computer-based and paper-based systems to thoroughly research accounting standards and interpretations. Use knowledge to be able to adjust to changes in tax law over time.
4. Ethical Principles and Professional Standards
Students will be able to apply ethical principles and professional standards in analyzing situations and making informed decisions.
MBT specificDemonstrate understanding of and apply consistently the ethical principles and professional standards related to the profession. Show the ability to express and follow rules of independence and the highest sense of professional ethics.
5. Globalization and Diversity
Students will be able to demonstrate an international perspective and appreciation for diversity and cultural differences, along with their significance in global business.
GRADING:POINTS
CLASS PARTICIPATION150
PROBLEM ASSIGNMENTS100
CASE STUDY100
MIDTERM EXAM300
FINAL EXAM 350
TOTAL 1,000
GRADING STANDARDS:
We adhere to the USC Leventhal School of Accounting and Marshall School of Business grading standards for graduate programs. In general, final course grades at the graduate level in a core course average approximately B+ (3.3), but may vary based on class performance. For elective courses, the class average is usually higher--approximating 3.5, which is between a B+ and an A-. You must receive a C or better to pass a required class, and you must have an overall B average (3.0 minimum) in order to graduate from USC.
CLASSROOM AND GRADING POLICIES:
1. Class attendance and participation is important in developing a coherent view of the materials covered in the course. Students should be prepared to discuss the materials assigned for each class. Lack of preparedness will impact your homework and participation grade.
2. All assignments are due on the dates indicated on the course syllabus. Late assignments will receive a grade of ZERO.
3. Make up examinations will generally not be given, except in the case of a documented medical problem. All students must take the final exam as scheduled unless an incomplete contract has been previously approved according to Leventhal School of Accounting rules.
ACADEMIC CONDUCT
Students enrolled in any class offered by the Leventhal School of Accounting are expected to uphold and adhere to the standards of academic integrity established by the Leventhal School of Accounting Student Honor Code. Students are responsible for obtaining, reading, and understanding the Honor Code System handbook. Students who are found to have violated the Code will be subject to disciplinary action as described in the handbook. For more specific information, please refer to the Student Honor Code System handbook, available in class or from the receptionist in ACC 101.
PLAGIARISM
Plagiarism presenting someone elses ideas as your own, either verbatim or recast in your own words is a serious academic offense with serious consequences. Please familiarize yourself with the discussion of plagiarism inSCampusin Section 11,Behavior Violating University Standardshttps://scampus.usc.edu/1100-behavior-violating-university-standards-and-appropriate-sanctions/. Other forms of academic dishonesty are equally unacceptable. See additional information inSCampusand university policies on scientific misconduct,http://policy.usc.edu/scientific-misconduct/.
SUPPORT SYSTEMS
A number of USCs schools provide support for students who need help with scholarly writing. Check with your advisor or program staff to find out more. Students whose primary language is not English should check with theAmerican Language Institutehttp://dornsife.usc.edu/ali, which sponsors courses and workshops specifically for international graduate students.
The Office of Disability Servicesand Programs http://sait.usc.edu/academicsupport/centerprograms/dsp/home_index.htmlprovides certification for students with disabilities and helps arrange the relevant accommodations.
If an officially declared emergency makes travel to campus infeasible,USC Emergency Informationhttp://emergency.usc.edu/will provide safety and other updates, including ways in which instruction will be continued by means of blackboard, teleconferencing, and other technology.
Discrimination, sexual assault, and harassment are not tolerated by the university. You are encouraged to report any incidents to theOffice of Equity and Diversityhttp://equity.usc.edu/or to theDepartment of Public Safetyhttp://capsnet.usc.edu/department/department-public-safety/online-forms/contact-us. This is important for the safety whole USC community. Another member of the university community such as a friend, classmate, advisor, or faculty member can help initiate the report, or can initiate the report on behalf of another person.The Center for Women and Menhttp://www.usc.edu/student-affairs/cwm/provides 24/7 confidential support, and the sexual assault resource center [email protected] reporting options and other resources.
SCHEDULE ACCT 583 FALL 2015
Date
Topic / Assignment
SUBMIT
Aug 27
TOPIC 1: Introduction And Course Overview/History/Scope and Applicability
Text Chapter 1 & 2
Sept 3
TOPIC 2: Introduction of Case Study/Objectives and Basic Principles
Text Chapter 3 3.2 Skim 3.2.1.1 3.3.2
Sept 10
TOPIC 3: Temporary Differences/Recognition & Measurement
Text Chapter 4 -4.2.7 & 4.2.9 4.6 and Chapter 5
Assignment
#1 & #2 DUE
Sept 17
TOPIC 4: Case Study Discussion/An Enacted Change in Tax Laws or Rates
Text Chapter 8
Case Study Elements #1 and #2 Due
Assignment #3 Due
Sept
24
TOPIC 5: Valuation Allowance
Text Chapter 6 -6.5.3 &6.6 6.12.2 & Chapter 7
Case Study Element #3 and #4 Due
