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Accounting for Income Taxes — Quarterly Hot Topics: December 2015

Published on: Jan 11, 2016

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

  • FASB to issue final standard on improvements to employee share-based payment accounting.
  • FASB to issue final standard on simplifying the equity method of accounting.
  • Leases — FASB agrees on effective date.
  • FASB to issue final standard on classification and measurement of financial instruments.
  • FASB makes tentative decisions about various income tax disclosure requirements.
  • FASB redeliberates income tax proposals related to intra-entity asset transfers.
  • FASB issues ASU on balance sheet classification of deferred taxes.
  • FASB proposes ASU to increase transparency of accounting for government assistance arrangements.
  • FASB’s proposed ASU states that omissions of immaterial disclosures are not accounting errors.

Tax law developments

  • Tax law developments — Overview, Uncertain tax positions, Classified balance sheet, and Tax expense.
  • International — International income tax developments.
  • International — US Tax Court’s Altera decision raises broader questions.
  • Controversy — Bipartisan Budget Act 2015 cause significant rule changes to partnership audits and adjustments.
  • Periods and methods — Tax extenders bill becomes a law.
  • US Multistate — Alabama, California, Connecticut, District of Columbia, Michigan, New Hampshire, New York State, Pennsylvania, Texas.

Did you know?

  • Presentation of deferred federal income taxes associated with deferred state income taxes.


Related Topics

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