Accounting for income taxes: It's time for a comprehensive review
Point of view
Highlights
- Income tax accounting is complex - it requires knowledge of the income tax accounting model, tax laws and regulations in all relevant jurisdictions, and their combined linkage to all other aspects of accounting.
- The evolution of the economic, regulatory, tax legislative, and accounting standard setting environments since the existing accounting was introduced has magnified its shortcomings.
- A comprehensive review is needed to reduce the complexity of income tax accounting while improving the relevance and quality of the reporting.
