Tax accounting addresses how companies should account for and report the effects of income taxes. Accounting for income taxes can be challenging as companies have to navigate the rapidly transforming global tax environment, changing business conditions, and increased demands for transparency. Financial restatements, coupled with increased regulatory and other examinations of income tax accounts and related income tax disclosures, have elevated the focus on tax accounting, which may result in exposing significant problems in many companies. PwC Asia-Pacific Tax Accounting Services (TAS) team shares perspectives on the potential tax accounting considerations associated with important U.S. GAAP and IFRS developments to keep you ahead of changes.
What we can help
With the rapid regulatory and other changes, companies are facing increased demands of their income tax accounting and reporting professionals. An increased focus over income tax disclosures and account balances, compressed close cycles, as well as new reporting considerations and standards have further increased organisational needs.
PwC Asia-Pacific TAS team of tax accounting professionals help you achieve better control over tax accounting matters through customised tax services to meet the needs of your business. Our services include:
- Preparation or review of annual or quarterly tax provisions (reducing the need for significant prior year adjustments to your tax reporting numbers which may result in a volatile effective tax rate).
- Tax accounting technical assistance and support.
- Assistance in assessing and documenting uncertain tax positions and other related accounting requirements.
- Remediation and restatement assistance under U.S. GAAP and IFRS, including assisting with assessment of the completeness and accuracy of your income tax balances.
- Other specialised tax accounting services, including deferred tax analysis, valuation allowance analysis, and indefinite reinvestment assertions.
- Complex tax accounting support due to group reorganisations, acquisitions, and/or dispositions where consideration needs to be given to purchase price allocations, GAAP conversions, and other complex accounting matters.
- Providing tax accounting support during periods of resource constraints with the preparation or review of tax accounting numbers for local accounts or group financial reporting.
- Providing tax accounting training to keep your management, finance, and tax teams aware of the current tax accounting rules as well as future developments.
- Advising on market leading tax reporting processes, focusing on efficiency, quality, and insights to create a fit for purpose target tax accounting operating model.
- Providing advice on tax reporting technology.
You can contact us if you for example:
- Technical Accounting Assistance
- Technology Solutions
- Staffing
Technical Accounting Assistance
- Want to produce quality statutory financial statements in order to prepare for your U.S. or Hong Kong IPO.
- Want to avoid producing poor quality statutory financial statements in order to avoid audit issues that are likely to lead to over-runs and additional use of management resources.
- Want to gain a greater understanding of the financial reporting impact on income taxes in order to make more informed decisions.
- Require greater effectiveness and efficiency when making effective tax rate forecasts based on forecast transactions and scenarios.
- Feel that your organisation is vulnerable to errors due to a lack of awareness over appropriate tax accounting treatment.
Technology Solutions
- Need confidence that your financial reporting of taxes is as accurate as possible and aspire to develop processes and procedures to capture relevant data and information at an early stage.
- Need to reduce your tax reporting close period by redesigning your processes, without losing accuracy of your numbers.
Staffing
- Would like to relieve time pressures on your local finance teams, who may not have the deep technical specialist support available to advise on the tax accounting position of complex issues.
Upcoming Webcasts
US GAAP/IFRS accounting for income taxes and reporting considerations
21 March 2024, 11am - 12pm
We are delighted to invite you to join our PwC Tax webcast – US GAAP/IFRS Accounting for income taxes and reporting considerations. What income tax accounting matters should companies be thinking about and how can they prepare for potentially significant changes in the global tax landscape? Participants will learn about important developments and explore their potential effects on financial reporting for income taxes. Registration will be available soon.
Related Income Tax Guides
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