Income Tax Provisions – ASC 740 and IFRS
PRIMARY CONTACT: James Sayre
One of the leading causes of financial restatements continues to be the reporting of deferred taxes and valuation allowances. These matters are further complicated by the continuous development of tax legislation across all jurisdictions.
Additionally, accelerated reporting deadlines along with increased scrutiny placed on proper disclosures create further challenges to comply with all reporting requirements. It is clear that accounting for income tax grows more complex each year. While a significant component of a company’s financial statements, many do not have the necessary internal resources to prepare their income tax provision calculations. Schneiders Downs provides solutions to your company’s needs to ensure appropriate reporting in accordance with ASC 740 (formerly FAS 109). We offer specialists that are dedicated in the area of accounting for income tax and work closely with your accounting department to ensure proper reporting under U.S. Generally Accepted Accounting Principles (GAAP) and/or International Financial Reporting Standards (IFRS).
Our tax accounting specialists provide the following services:
- Annual and interim tax provision support
- Public and private company reporting support
- Valuation allowance assessment
- Accounting for uncertain tax positions (formerly FIN 48)
- Footnote disclosure assistance
- Audit support
- Purchase accounting related to business combinations
- Tax accounting training
- SOX internal control design, implementation and improvement assistance
- S. GAAP/IFRS conversion support
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About Schneider Downs Tax Advisors
With one of the largest regional tax practices in the country, Schneider Downs Tax Advisors’ personal focus on clients and in-depth understanding of current issues ensures that clients are complying with tax filing requirements and maximizing tax benefits. Our industry knowledge and focus ensures delivery of technical tax strategies which can be implemented as practical business initiatives. Learn more at Tax Services.
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