A roadmap to accounting for income taxes has been saved
A roadmap to accounting for income taxes
This Roadmap provides Deloitte’s insights into and interpretations of the income tax accounting guidance in ASC 740. The 2020 edition reflects Accounting Standards Updates (ASUs) issued by the FASB through October 31, 2020, and includes new and clarified guidance as well as pending content from recently issued ASUs.
Guidance on accounting for income taxes
We are pleased to present the November 2020 edition of A Roadmap to Accounting for Income Taxes. This Roadmap provides Deloitte’s insights into and interpretations of the income tax accounting guidance in ASC 7401 and the differences between that standard and IFRS® Standards (in Appendix F). The income tax accounting framework has been in place for many years; however, views on the application of that framework to current transactions continue to evolve because structures and tax laws are continually changing. Therefore, use of this Roadmap, though it is intended as a helpful resource, is not a substitute for consultation with Deloitte professionals on complex income tax accounting questions or transactions.
The body of this Roadmap combines the income tax accounting rules from ASC 740 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. The Roadmap reflects Accounting Standards Updates (ASUs) issued by the FASB through October 31, 2020, and includes pending content from recently issued ASUs. Readers should refer to the transition guidance in the FASB Accounting Standards Codification or in the relevant ASU to determine the effective date(s) of the pending guidance.
Each chapter of this publication typically starts with a brief introduction and includes excerpts from ASC 740 or related guidance, Deloitte’s interpretations of those excerpts, and examples to illustrate the relevant guidance. Some of the calculations in the examples use rounded numbers for simplicity. The November 2020 edition of this Roadmap includes new guidance and editorial enhancements to reflect our latest thinking and input from standard setters and regulators. Appendix I highlights all new content as well as any substantive revisions to previous content.
For certain of the accounting issues discussed in this publication, multiple views or policies under U.S. GAAP may be acceptable. Unless specifically noted otherwise, an accounting policy elected in these situations should be consistently applied. Entities are encouraged to consult with their accounting advisers for assistance in making such elections.
Subscribers to the Deloitte Accounting Research Tool (DART) may access any interim updates to this publication by selecting the Roadmap from the Roadmap Series page on DART. If a “Summary of Changes Since Issuance” displays, subscribers can view those changes by clicking the related links or by opening the “active” version of the Roadmap.