Calendar year 2013 has seen considerable activity across the global legislative and regulatory landscapes. We have seen changes to tax laws in several key territories, and certain legislative trends having a significant impact on income tax accounting. These developments, combined with an environment of economic uncertainty, have added to the challenges in accounting for income taxes.
As in prior years, this publication is focused on the topics we believe will be most relevant to the preparation of 2013 year-end financial statements. Some topics have been discussed in our prior annual publications; however, their continuing importance warranted including them again in 2013. Unless specifically indicated, the discussion and references all pertain to accounting standards and related reporting considerations based upon US generally accepted accounting principles (US GAAP).
The topics covered in this 2013 publication are as follows: