This course examines the statutory income tax guidance in SSAP 101, including the deferred tax asset admissibility test, and identifies the required note disclosures with illustrations.

Upon successful completion, you should be able to:

• Identify the criteria involved in calculating Statutory admitted deferred tax assets (DTA)
• Identify the purpose of DTA valuation allowance adjustments and the criteria required to establish them
• Recognize the required Statutory income tax disclosures

Course Content:

• Review of the three-step Deferred Tax Admissibility determination
  • Step 1 – Admit Federal income taxes paid in prior years (Paragraph 11a)
  • Step 2 – Admit amount expected to be realized (Paragraph 11b)
  • Step 3 – Admit amount offset against gross deferred tax liabilities (Paragraph 11c)
• Valuation allowance adjustment
• Deferred tax admissibility
  • Explanations and illustrations
  • Impact of threshold limitation tables
• Statutory income tax disclosures
  • Descriptions and illustrations of required disclosures