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Accounting for Income Taxes — Quarterly Hot Topics: June 2017

Published on: Jul 06, 2017

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 amends the scope of modification accounting for share-based payment arrangements.
  • FASB proposes improvements to the accounting for share-based payment arrangements with non-employees.

Tax law developments

  • Federal Financial Instruments — IRS holds that unamortized debt issuance costs are not deductible upon conversion of debt into stock.
  • Federal Periods and Methods — Notice 2017-17: Proposed revenue procedure for requesting consent to change a method of accounting made due to the adoption of the new financial accounting standards “Revenue from Contracts with Customers.”
  • On the Horizon — Tax Reform — Federal/ Multistate Considerations; United Kingdom: Finance Act 2017 receives Royal Assent and is enacted.
  • International — Australia: Diverted profits tax becomes law; Japan: 2017 tax reform enacted.
  • On the horizon — Tax policy decisions ahead.
  • US Multistate — Alabama, California, Massachusetts, Minnesota, Montana, New Jersey, Oklahoma, Tennessee, and IRC Conformity.

Did you know?

  • International Accounting Standards Board (IASB) publishes IFRIC 23 ‘Uncertainty over Income Tax Treatments’ to clarify accounting for uncertainties in income taxes.
  • PCAOB adopts changes to the auditor’s report.

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