Ali Shan CPA Canada

Accounting for income taxes under US GAAP KPMG Handbook 2021

In this August 2021 Handbook edition, KPMG explains the accounting for income taxes in detail, providing examples and analysis.

KPMG handbook is designed to assist companies and others in understanding the application of ASC 740, providing in-depth guidance on a wide range of implementation issues.

Applicability
All entities subject to income tax
Relevant dates
Effective immediately
Key impacts
This August 2021 edition incorporates:

New guidance on the 2021 UK super-deduction
New guidance on ASU 2020-06 (convertible debt) transition
Clarification of guidance on acceptable approaches for determining how much of a deferred tax asset is realizable when forecasting future taxable income
Handbook contents
Temporary differences
Tax calculation
Valuation of deferred tax assets
Changes in tax laws, rates or status
Tax effects of business combinations
Foreign operations
Income tax issues associated with share-based payment arrangements
Financial statement presentation and disclosure
Other considerations
Examples of scheduling temporary differences
Accounting for investments in qualified affordable housing projects

Download from KPMG Financial Reporting View