Top tax accounting considerations for year-end 2019

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As we close out the calendar year, we reflect on 2019 developments impacting financial reporting. There has been considerable activity with financial reporting implications, including regulatory, legislative and standard setting developments both in the United States and abroad, and other regulatory updates.

PwC’s Tax Accounting Services team has prepared this ‘Top tax accounting considerations for year-end 2019’ publication, which highlights key areas that could have an impact on financial statements.

Which developments made the biggest impact for financial reporting?

US regulatory updates

Perhaps the most significant complexity that will continue to affect financial reporting is how to address uncertainties that have emerged regarding the application of US tax reform. We continue to see questions regarding how to appropriately account for regulations – final, temporary, or proposed – often in the context of how to consider the information in the assessment of uncertain tax positions.

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Global Developments

Throughout the course of 2019 major global tax shifts occurred with impacts on financial reporting including:

  • Exit taxation
  • Swiss tax reform
  • Mexican tax
  • Indian tax reform
  • Taxation of the digital economy

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Financial statement developments

This year the FASB released the final ASU, which eliminates certain exceptions to the general principles in ASC 740 and makes amendments to other areas with a focus on simplification and consistent application of GAAP. The FASB also issued a proposed disclosure framework for income taxes.

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Contact us

Rick Levin

Rick Levin

US Tax Accounting Services Leader, PwC US

Jennifer Spang

Jennifer Spang

Partner, Tax Accounting, PwC US

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