Accounting Standards Update likely to lower costs and complexity
The FASB released Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, on Dec. 18, 2019. The guidance is likely to lower the cost and complexity associated with accounting for income taxes.
In our New Developments Summary, we review how this new guidance advances the FASB’s initiative of simplifying various topics through a series of short-term projects. The review of the ASU includes examinations of these themes:
- The removal of certain exceptions to the general principles in Topic 740, Income Taxes.
- The improvement of how financial statement preparers apply income tax-related guidance and simplification of GAAP.
Additionally, the ASU also clarifies existing guidance with respect to the tax benefit of tax-deductible dividends on employee stock ownership plan shares and corrects a computational error in an example in ASC 323-740.
Download your copy now.
Contacts:
April Little
National Principal-in-Charge, Tax Accounting and Financial Reporting ESG & Sustainability Services Tax Leader
Principal, Grant Thornton Advisors LLC
April Little is national principal-in-charge, Tax Accounting and Financial Reporting, based in our Houston office. Little specializes in accounting for income taxes under U.S. and international accounting and financial reporting standards.
Houston, Texas
Industries
- Construction & real estate
- Technology, media & telecommunications
- Energy
Service Experience
- Strategic federal tax
- Corporate Tax
- Tax
- Audit & Assurance
Ciro Buttacavoli
Partner, National Professional Standards Group
Ciro Buttacavoli is managing director and managing partner of Professional Standards; before that, he served as an Audit Services partner in South Florida and the Professional Standards partner for the Florida offices. He has more than 29 years of public accounting experience and provides accounting, auditing and advisory services to a variety of publicly traded and closely held domestic and international companies.
Fort Lauderdale, Florida
Industries
- Construction & real estate
- Healthcare
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
- Transportation & distribution
- Retail & consumer brands
Service Experience
- Audit & Assurance
Nola Showers
Principal, Corporate Tax Solutions
Grant Thornton Advisors LLC
Nola is a tax partner in Grant Thornton’s Tax Reporting and Advisory practice, and she has over 17 years of experience in public accounting. Nola has significant experience with complex multinational organizations, working with both public and private corporate clients. She primarily serves clients operating in the manufacturing, technology and telecommunications, retail and consumer products, and life sciences industries.
Philadelphia, Pennsylvania
Service Experience
- Tax
- Audit & Assurance
- Corporate Tax
More new developments
No Results Found. Please search again using different keywords and/or filters.