ASC 740 is a complex financial accounting standard that affects all C-corporations required to produce generally accepted accounting principles (GAAP) financial statements. From terms and definitions to calculations and reporting, the standard for computing and reporting income tax provisions demands painstaking attention to detail. As a result of these efforts, companies are able to recognize current year taxes due or refundable, and manage expected future tax consequences of deferred assets and liabilities.
TaxOps is deeply experienced in every aspect of ASC 740, including:
- Accounting for income tax uncertainties;
- Business combinations;
- Valuation allowances;
- International operations; and
- Sarbanes-Oxley Act 404 documentation; and
- IAS 12, the IFRS equivalent to ASC 740.
ASC-740 addresses financial accounting and reporting for the effects of income taxes – federal, foreign, state and local – that result from an enterprise’s activities during the current and preceding years. ASC-740 is the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 740, Income Taxes. ASC-740 includes FASB Interpretation No. 48 (FIN 48) – Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement (FAS) No. 109.
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We are pleased to provide you with The Path to ASC-740 Compliance, 10-steps to compliance. We hope this material provides you with insight into a complex financial accounting standard that affects all C-corporations required to produce GAAP financial statements. Please feel free to contact John Monahan, partner with TaxOps and ASC-740 specialist, at 720-227-0060 or JMonahan@TaxOps.com with any questions or for additional information.
Intermediate ASC-740 ResourcesWant to dig deeper? Download our white paper, A Closer Look at ASC-740, and subscribe to the Fundamentals Series.
The ASC-740 Fundamentals Series walks readers through a step-by-step process for preparing an income tax
analysis. Everything from basic terminology and definitions through
calculating uncertain income tax positions is covered in this 10-part
The ASC-740 Fundamentals Series walks readers through a step-by-step process for preparing an income tax analysis. Everything from basic terminology and definitions through calculating uncertain income tax positions is covered in this 10-part series.Subscribe »
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