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Accounting for Income Taxes — Quarterly Hot Topics: June 2014

Published on: Jun 30, 2014

The latest issue of Accounting for Income Taxes: Quarterly Hot Topics discusses several important developments and ASC 740 implications. Topics covered in this edition:

Accounting Developments

  • Revenue recognition.
  • Income tax credits.
  • Financial instruments — Classification and measurement.

Tax Law Developments

  • Tax law developments — Overview.
  • Uncertain tax positions.
  • Classified balance sheet.
  • Tax expense.
  • International — India, Italy, Norway, Singapore, Venezuela.
  • U.S. Federal — IRS publishes guidance on how tax principles apply to transactions using convertible virtual currency.
  • U.S. Federal — Federal update on safe harbor election for success-based fees paid to professionals other than investment bankers.
  • Multistate — Indiana, Michigan, New Mexico, New York, Rhode Island, and Wisconsin.

Looking Forward

  • Looking forward — Overview.
  • House Subcommittee hears testimony on Mobile Workforce Act (Pending H.R. 1129).
  • Retroactive anti-inversion legislation introduced in Congress.
  • Organization for Economic Cooperation and Development (OECD) update.
  • Chile: Sweeping tax reform bill presented to congress.
  • Germany: Draft decree issued on interpretation of change-in-ownership rules.

Learn More

  • Financial Reporting for Taxes Training.
  • Accounting for Income Taxes — Global Tax Developments.
  • Example Disclosure: Accounting for Income Taxes.
  • Example SEC Comments: Income Taxes.


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