Tax accounting retrospective

February to June 2015

June 2015

Exploring tax accounting issues impacting your company

Highlights

Explore and read more about this issue's highlights:

As part of our continued effort to help organizations navigate through the complexity of today's tax accounting issues, we've assembled a compilation of our Tax Accounting Services' publications released between February 2015 and June 2015.

A brief summary of the publications and links to the relevant documents are included for each topic.

June 2015

Reshaping the Tax Function of the Future

PwC has developed a series of thought leadership papers exploring our predictions for the Tax Function of the Future and the main drivers influencing and underpinning them.

In our first paper, we consider the current challenges facing tax, predictions for the Tax Function of the Future, and how the current tax function will have to adapt to support and keep pace with the wider business.

Read the full story.

In brief: FASB proposes to simplify the accounting for share-based payments

On June 8, 2015, the FASB issued a Proposed Accounting Standards Update (ASU), Improvements to Employee Share-Based Payment Accounting, to amend ASC Topic 718, Compensation – Stock Compensation. The proposal is part of the FASB's ongoing simplification initiative, which is designed to reduce cost and complexity while maintaining or improving the usefulness of the information provided to the users of financial statements.

Read the full story.

Mergers & acquisitions- a snapshot: Changing the way you think about tomorrow's deals

This is the fourth edition in a series focused on companies in distress and the relevant considerations prior to, during, and after a bankruptcy. This edition focuses on important tax planning and accounting considerations for companies in the Chapter 11 bankruptcy process.

Read the full story.

IRS requests comments on tax accounting method impact of new FASB, IASB revenue recognition standard

The IRS on May 29 issued Notice 2015-40 requesting comments regarding the possible effects on a taxpayer's tax accounting methods of the new financial accounting revenue recognition standard, "Revenue from Contracts with Customers".

Read the full story.

April 2015

Global Tax Accounting Services Newsletter (January - March 2015)

In this release we provide an update on a variety of accounting and reporting developments, including:

We also draw your attention to some significant tax law and tax rate changes that occurred around the globe during the quarter ended March 2015.

Read the full story.

Around the world: When to account for tax law changes

Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and developments in jurisdictional tax laws are undergoing nearly constant change. Naturally, changes in tax law have an impact on tax planning, tax return preparation and, ultimately, tax cash flows. Those consequences, however, are often preceded by the impact of such changes on company financial reporting. This publication provides numerous examples to show at what point in the lawmaking process that tax legislation should be considered enacted or substantially enacted.

Read the full story

October 2014

Financial reporting implications of new UK diverted profits tax

On 26 March 2015, the UK enacted a new taxing regime known as the diverted profits tax (DPT). The new regime levies a tax on ‘diverted' profits generated on or after 1 April 2015. Substantive enactment occurred on 25 March 2015.

Read the full story.

Additional resources

Stay connected to recent tax accounting developments. Explore the TAS to Go app available on iOS, Windows devices and Android.




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Let's talk

For questions about income tax accounting matters, please contact your local PwC team, our Tax Accounting Services leaders listed below, or the primary authors of each publication.

Market Leader Phone Email
Atlanta Ben Stanga (615)-503-2577 ben.stanga@us.pwc.com
N. California–San Jose Ty Kanaaneh (408)-817-5729 ty.h.kanaaneh@us.pwc.com
N. California–San Francisco Adan Martinez (415)-498-6154 adan.martinez@us.pwc.com
Southern California Darrell Poplock (213)-356-6158 darrell.poplock@us.pwc.com
Carolinas Tamara Williams (704)-344-4146 tamara.williams@us.pwc.com
Chicago Rick Levin (312)-298-3539 richard.c.levin@us.pwc.com
Florida Rafael Garcia (305)-375-6237 rafael.h.garcia@us.pwc.com
Houston Maria Collman (713)-356-5091 maria.t.collman@us.pwc.com
Lake Erie Mike Tomera (412)-355-6095 michael.tomera@us.pwc.com
Michigan Amy Solek (313)-394-6767 amy.j.solek@us.pwc.com
Minneapolis Chad Berge (612)-596-4471 chad.berge@us.pwc.com
Missouri Brian Sprick (314)-206-8509 brian.sprick@us.pwc.com
Northeast David Wiseman (617)-530-7274 david.wiseman@us.pwc.com
New York Metro Allen AhKao (973)-236-5730 allen.p.ahkao@us.pwc.com
New York Metro Gary Pogharian (973)-236-5696 gary.m.pogharian@us.pwc.com
New York Metro John Triolo (646)-471-5536 john.triolo@us.pwc.com
Ohio, Kentucky, Indiana Dan Staley (513)-723-4727 daniel.j.staley@us.pwc.com
Pacific Northwest Suzanne Greer (206)-398-3339 suzanne.greer@us.pwc.com
Philadelphia Diane Place (267)-330-6205 diane.place@us.pwc.com
Rockies Mike Manwaring (720)-931-7411 michael.manwaring@us.pwc.com
North Texas Steve Schoonmaker (512)-708-5492 steve.schoonmaker@us.pwc.com
Washington Metro Jamie Grow (703)-918-3458 james.b.grow@us.pwc.com