Month: July 2018

Technical Line – A closer look at accounting for the effects of the Tax Cuts and Jobs Act

Go to Source Author: We have updated our Technical Line to add a section on accounting considerations for the effect of the tax on “global intangible low-taxed income” (GILTI) on the realizability of US federal deferred tax assets. Because of the Act’s ordering rules for using net operating loss (NOL) carryforwards, questions have arisen about how GILTI affects a US shareholder’s assessment of the realizability of its US federal NOL carryforwards and deferred tax...

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To the Point – FASB issues narrow amendments to the new leases standard

Go to Source Author: The FASB issued narrow amendments to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other...

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Quarterly tax developments – June 2018

Go to Source Author: Our June 2018 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes certain enacted tax legislation, as well as regulatory developments, legislative proposals and other items, through 20 June 2018, to consider as you prepare your income tax provision. We’ve also listed our tax and other publications that provide more detail on the topics we...

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To the Point – FASB clarifies the guidance for contributions received and contributions made

Go to Source Author: The FASB issued final guidance to clarify how entities will determine whether to account for a transfer of assets as an exchange transaction or a contribution and how they will determine whether a contribution is conditional. While accounting for contributions primarily affects not-for-profit entities, the clarified guidance applies to all entities (including business entities) that receive or make contributions, except for certain transactions such as transfers of assets business entities receive from government...

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