Tax Analysts contains news, analysis, and commentary on financial reporting issues that affect how U.S. and international companies disclose information to investors and other stakeholders. Those issues include the rulemaking deliberations of the Financial Accounting Standards Board (FASB), the regulatory oversight performed by the SEC and the Public Company Accounting Oversight Board (PCAOB), and the practitioner insights of the Big Four accounting firms regarding U.S. generally accepted accounting principles (GAAP).
Coverage is provided on FASB efforts to improve the accounting for income taxes under ASC 740, previously FAS 109, the ongoing debate about the tax implications of convergence with international financial reporting standards (IFRS), and the potential risk that non-audit tax consulting services pose on auditor independence.
Recurring issues and controversies in this area involve the accounting for uncertain tax positions (UTPs) and unrecognized tax benefits under FIN 48, the use of fair value measurement in financial statements, and the tax reform proposals to eliminate the last-in, first-out (LIFO) inventory method. Continuing developments are expected with the accounting guidance on revenue recognition, financial instruments, leases, and share-based payments under FAS 123(R).
Analysis is provided on the SEC inspection of public company MD&A disclosures in the Form 10-K and Form 10-Q and the comment letters issued on the repatriation of foreign earnings, material changes to effective tax rates, and the judgments required for deferred tax valuation allowances.
Tax Analysts consistently and promptly publishes all relevant developments regarding taxation of financial reporting
