Thomson Reuters has released a Checkpoint special report, Accounting for Income Taxes after a Sweeping Tax Reform, and a new Checkpoint Catalyst topic: US GAAP – Accounting for Income Taxes to help accounting firms tackle the complex guidance in Topic 740, Income Taxes, in the Financial Accounting Standards Board (FASB) Accounting Standards Codification and the changes brought on by the enactment of the Tax Cuts and Jobs Act (TCJA).
The Thomson Reuters Checkpoint special report discusses the primary objectives of Topic 740 and how an entity determines the total income tax provision for financial reporting purposes. It summarizes the complexities of preparing the deferred income tax provision and highlights the accounting implications brought on by the TCJA that affect most US corporate entities. The report also provides a deep dive into the disclosures required under Topic 740 and includes a discussion of the FASB and Securities and Exchange Commission (SEC) developments following the enactment of the TCJA.
The latest Thomson Reuters Checkpoint Catalyst topic also guides accounting professionals through the complex rules in Topic 740, Income Taxes. It highlights the main principles, scope, recognition and measurement guidance, as well as presentation and disclosure rules related to income taxes. It addresses other difficult topics, such as intraperiod tax allocation, interim reporting, undistributed earnings of subsidiaries and joint ventures, and income taxes in connection with a business combination. The topic also provides interpretations and developments related to the provisions in the Tax Cuts and Jobs Act and includes tools that professionals can use when working on income tax matters.
“Accounting for income taxes is challenging in any given year. It is an area that requires a lot of judgment and a deep understanding of a complex standard, especially when a company’s activities span across multiple jurisdictions,” said Salim Sunderji, managing director, Checkpoint, with the Thomson Reuters Tax & Accounting business. “The Tax Cuts and Jobs Act adds a layer of complexity and presents companies with many challenges, both immediately and in the future. Our new content is designed to help tax and accounting professionals navigate updated accounting rules and changes in tax laws.”
Checkpoint Catalyst: US GAAP is the next generation of online research that gives practical insight and expertise on accounting topics that are complex, undergoing changes or challenging to apply—including revenue recognition, leasing, financial instruments, and accounting for income taxes. Research is approached from a fresh, new perspective, where content is always delivered in context along with powerful insight into related issues, so you’ll never miss an important detail.
Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning, content marketing solutions and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.