New white papers on accounting for income taxes

ARTICLE | December 15, 2023

Authored by RSM US LLP

We have published the following three white papers on accounting for income taxes under Financial Accounting Standards Board Accounting Standards Codification (ASC) 740, Income Taxes:

  • Accounting for income taxes: Book vs. tax basis differences – This white paper addresses the accounting for book versus tax basis differences that arise when the carrying amount of an asset or liability differs from its tax basis. These differences can result in temporary or permanent differences between book and taxable income. This paper also discusses carryforwards, which are tax attributes that can be used to offset future taxable income (e.g., net operating losses, capital losses and tax credits).
  • Accounting for income taxes – Determining the applicable tax rate – This white paper addresses the tax rate that is used to calculate the amount of current taxes payable and refundable, and deferred tax assets and liabilities, including the amount of income tax expense or benefit that should be recognized in the financial statements.
  • Accounting for income taxes: Current and deferred taxes – This white paper addresses how to determine current taxes payable or refundable, deferred tax assets, and deferred tax liabilities, which form the basis for the income tax amounts recorded on an entity’s financial statements. This white paper also addresses the income tax rate reconciliation, which is a required disclosure for public entities.

These white papers do not address every aspect of accounting for income taxes and should therefore be read in conjunction with the authoritative guidance in ASC 740.

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This article was written by RSM US LLP and originally appeared on 2023-12-15.
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