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Accounting for Income Taxes — Quarterly Hot Topics: June 2016

Published on: Jul 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 makes additional tentative decisions about income tax disclosure requirements.
  • FASB begins redeliberating project on business entities’ disclosures about government assistance.
  • FASB finalizes decisions on income tax consequences of intra-entity asset transfers.
  • SEC urges companies to take a fresh look at their non-GAAP measures.
  • FASB simplifies the accounting for share-based payments.

Tax law developments

  • Tax law developments — Overview, uncertain tax positions, classified balance sheet, and tax expense.
  • International — International income tax developments: Australia, India, United Kingdom.
  • U.S. Federal — Proposed regulations under Sections 385.
  • U.S. Federal — IRS Chief Counsel Advice (CCA) on treatment of deferred revenue following stock acquisition.
  • U.S. Federal — Revenue Procedure 2016-29: Automatic change procedure updates.
  • U.S. Multistate — Connecticut, Massachusetts, Michigan, New Jersey, New York, North Carolina, and Tennessee.
  • U.S. Multistate — IRS Conformity Update: Arizona, Florida, Hawaii, Indiana, Kentucky, North Carolina, South Carolina, and Vermont.
  • U.S. Multistate — State Amnesty Programs in Alabama and Arizona.

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