Handbook: Accounting for income taxes

Our Handbook is designed to assist in an understanding of 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

Among other things, this February 2023 edition incorporates:

• New guidance on the accounting for key provisions of the Inflation Reduction Act (IRA) and CHIPS and Science Act, including Corporate AMT and refundable and transferable tax credits.
• Clarified guidance on accounting for tax credits that are like government grants.
• New guidance on accounting for the global minimum tax.

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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