Perspectives
Accounting for Income Taxes
Quarterly Hot Topics
Accounting for Income Taxes Quarterly Hot Topics highlights certain recent tax and accounting developments that may have accounting for income tax (ASC 740) implications.
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June 2017
Accounting developments
- FASB amends the scope of modification accounting for share-based payment arrangements
- FASB proposes improvements to the accounting for share-based payment arrangements with non-employees
Tax law developments
- Federal Financial Instruments – IRS holds that unamortized debt issuance costs are not deductible upon conversion of debt into stock
- Federal Periods and Methods – Notice 2017-17: Proposed revenue procedure for requesting consent to change a method of accounting made due to the adoption of the new financial accounting standards “Revenue from Contracts with Customers”
- On the Horizon – Tax Reform – Federal/Multistate Considerations; United Kingdom; Oregon
- International – Australia: Diverted profits tax becomes law; Japan: 2017 tax reform enacted
- US Multistate – Alabama, California, Michigan, Minnesota, Montana, New Jersey, Oklahoma, Tennessee, and IRC Conformity state updates
Did you know?
- International Accounting Standards Board (IASB) publishes IFRIC 23 ‘Uncertainty over Income Tax Treatments’ to clarify accounting for uncertainties in income taxes
- PCAOB adopts changes to the auditor’s report
Learn more
June 2017
Recommendations
Deloitte’s Financial Reporting for Taxes Training
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