Tax accounting retrospective
July to January 2015
February 2015
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 July 2014 and January 2015.
A brief summary of the publications and links to the relevant documents are included for each topic.
January 2015
Accounting for income taxes has seen legislative and regulatory changes in the United States and abroad in 2014. These developments, combined with an environment of political and economic uncertainty, have added to the existing challenges in accounting for income taxes.
Calendar year 2014 has seen considerable activity in the legislative and regulatory landscapes both in the United States and abroad. These developments, combined with an environment of political and economic uncertainty, have added to the existing challenges in accounting for income taxes.
This publication is focused on topics we believe will be widely relevant to the preparation of 2014 year-end financial statements. Some topics have been discussed in our prior annual publications; however, their continuing importance warrants their inclusion in 2014.
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On January 22, the FASB issued an exposure draft of two proposed ASUs related to the accounting for income taxes: Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. The proposed ASUs are part of the Board's simplification initiative aimed at reducing complexity in accounting standards.
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In this insight, we summarise below, major tax law changes that occurred around the world in December 2014 and were not covered in our quarter 4 of 2014 Global Tax Accounting Services (TAS) Newsletter (Q4 2014 newsletter) issued on 22 December 2014.
Information presented in this alert can be helpful to multinational companies in their tax accounting considerations. It is intended to increase readers' awareness of the main global tax law changes during December 2014, but does not offer a comprehensive list of tax law changes that should be considered for financial statements.
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December 2014
In this release we provide an update on a variety of accounting and reporting developments, including:
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As multinational companies (MNCs) seek to incentivise high performance among employees, the popularity of share-based compensation and equity incentive plans continues to increase. Mobility of global workforces and evolving global tax and regulatory compliance requirements raise significant challenges in administering global equity incentive plans. In addition, tax accounting for equity incentive plans remains a complex area for many MNCs due to the uniqueness of the accounting principles coupled with diverse local territory tax laws.
To assist MNCs with this complex area, we provide a refresher of the tax accounting guidance for share-based compensation under US GAAP and IFRS and highlight similarities and differences between the two accounting standards.
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October 2014
During its meeting on October 8, 2014, the Financial Accounting Standards Board (‘FASB' or ‘Board') decided to add the following stock-based compensation topics to its agenda as part of its simplification initiative.
These income tax accounting topics will be addressed along with certain other stock-based compensation topics which were also added to the agenda. The Board's deliberation of these topics is expected to result in an exposure draft that will be issued to solicit broad stakeholder input.
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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 30 September 2014.
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July 2014
Significant changes in the business environment, including changes in tax laws and global expansion, have increased the complexity of accounting for income taxes.
The current income tax accounting standard, developed over two decades ago, includes many mechanical rules and "exceptions" which in today's environment can make it difficult to apply and often yields information that is challenging to understand. Despite significant investment in training and the widespread use of outside service providers, accounting errors and internal control problems persist.
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Companies often disclose non-GAAP financial measures to provide additional insight into their business. The comparability of non-GAAP financial measures varies from one industry to another, as well as from one company to another. In addition, a lack of transparency regarding their determination, along with inconsistency in how the measures are calculated may limit their efficacy. Further, the subjectivity inherent in how non-GAAP financial measures are calculated could make them susceptible to bias or misinterpretation without proper context and explanation.
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Stay connected to recent tax accounting developments. Explore the new TAS to Go app available on iOS, Windows devices and Android.
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 | |
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 | Gayle Kraden | (646)-471-3263 | gayle.kraden@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 |