Handbooks | August 2021

 

Insight

Handbook: Accounting for income taxes

Latest edition: KPMG explains the accounting for income taxes in detail, providing examples and analysis.

Angie Storm

Angie Storm

Partner, Dept. of Professional Practice, KPMG US

+1 212-909-5488

Ashby Corum

Ashby Corum

Partner, Accounting for Income Taxes, KPMG US

+1 313-230-3361

Kayreen Handley

Kayreen Handley

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-8288


Our handbook is designed to assist companies and others in understanding the application of ASC 740, providing in-depth guidance on a wide range of implementation issues.

Applicability

  • All entities subject to income tax

Relevant dates

  • Effective immediately

Key impacts

This August 2021 edition incorporates:

  • New guidance on the 2021 UK super-deduction
  • New guidance on ASU 2020-06 (convertible debt) transition
  • Clarification of guidance on acceptable approaches for determining how much of a deferred tax asset is realizable when forecasting future taxable income

Report contents

  • Temporary differences
  • Tax calculation
  • Valuation of deferred tax assets
  • Changes in tax laws, rates or status
  • Tax effects of business combinations
  • Foreign operations
  • Income tax issues associated with share-based payment arrangements
  • Financial statement presentation and disclosure
  • Other considerations
  • Examples of scheduling temporary differences
  • Accounting for investments in qualified affordable housing projects

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