A&M’s Tax Accounting Services (TAS) practice provides global income tax accounting solutions under both U.S. (GAAP - ASC 740) and International (IFRS - IAS 12) standards. As an independent firm free of audit conflict, our advice and services are unbiased and solely focused on your best interests. Our team of seasoned professionals is adept at navigating the complexities of tax provisions, ensuring compliance while identifying opportunities for tax planning and process optimization. Whether a VC funded pre-IPO company in need of foundational tax provision support or a large enterprise requiring sophisticated tax strategies, we offer tailored solutions that evolve with you every step of the way.
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As the 2024 financial reporting season approaches, it is essential for organizations to evaluate developments that could affect income tax accounting under ASC 740 and IAS 12. This year-end update highlights key developments from the second half of the year, including legislative changes, regulatory updates and other noteworthy events affecting the financial reporting of income taxes. While not exhaustive, this summary is designed to provide actionable insights, enabling you to reflect these changes appropriately and with confidence in your financial reporting.
On December 14th, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) No. 2023-09 , “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which seeks to enhance income tax disclosures in financial statements.
International tax departments should be aware of the current and crucial trends impacting income tax reporting in today’s dynamic environment.
Tax practitioners are increasingly encountering a growing trend of preparing audits of the associated purchase accounting, which is required under Accounting Standards Codification (ASC) 805, Business Combinations.
