Income tax

Accounting for income taxes is a perpetual hot topic in the U.S. The overall accounting model for income taxes has been in place for many years, yet the accounting for income taxes continues to pose many challenges for preparers, users, and auditors.

Among those challenges are:

  • tax accounting rules for valuation allowance,
  • intraperiod allocation,
  • interim periods,
  • business combinations, and
  • foreign operations.

The ever-changing landscape of income tax law requires analysis on a continuous basis across multiple jurisdictions. In addition to being complex, the relevant accounting standards contain many nuances, and applying the standards oftentimes involves significant judgments.

Guide to Accounting for Income Taxes - 2013 second edition (June 2015)

6/29/15

The accounting for income taxes (ASC 740) continues to pose many challenges for preparers, users, and auditors. This PwC guide is intended to clarify the fundamental requirements involved in the accounting for income taxes.

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Global Tax Accounting Services Newsletter: Income tax accounting and reporting developments (December 2015)

01/18/16

Designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS, whilst providing technical guidance on challenging tax accounting areas.

FASB Income tax projects update – A PLS perspective

01/07/16

In this alert, we provide a pharmaceutical and life sciences perspective to the FASB Income tax projects update.

ASC 740 implications of accounting method changes

01/07/16

This publication is focused on topics we believe will be widely relevant to the preparation of 2015 year-end financial statements.

Accounting for Income Taxes – 2015 Year-end Hot Topics

01/05/16

This publication is focused on topics we believe will be widely relevant to the preparation of 2015 year-end financial statements.

The quarter close: Directors edition

12/17/15

This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

In depth: FAQ on applying simplified balance sheet classification of deferred taxes

12/17/15

This In depth includes responses to FAQs related to new FASB guidance on balance sheet classification of deferred taxes.

Income taxes: 2015 SEC comment letter trends

12/16/15

This publication provides representative examples of financial statement comments related to income taxes that have been made public by the SEC from October 1, 2014 through September 30, 2015.

In brief: FASB simplifies balance sheet classification of deferred taxes

11/24/15

On November 20, the FASB issued final guidance simplifying the balance sheet classification of deferred taxes.

In brief: FASB proposes new disclosures for government grants, some tax incentives

11/17/15

FASB proposes new disclosures for government assistance that may apply to certain arrangements to receive tax benefits.

FASB Accounting for Income Taxes Projects

11/16/15

The past year has seen considerable activity at the Financial Accounting Standards Board ("FASB") related to accounting for income taxes. The FASB has introduced several topics as part of its initiative to reduce complexity in accounting standards.