ASC 740 Reporting and Disclosure Requirements

ASC 740 requires extensive disclosures for income tax provision. Learn the disclosure rules for balance sheets, income statements, and uncertain tax positions.

ASC 740 Income Tax Provision Rules for Controlled Foreign Corporations

Learn how controlled foreign corporation income is taxed in the U.S., including how to account for CFC taxable income in the ASC 740 provision calculation.

ASC 740: Uncertain Tax Positions

ASC 740 includes rules for recognizing and measuring uncertain tax positions in a company’s balance sheet and tax provision reporting and disclosures.

Sample: Required ASC 740 Income Tax Provision Disclosures

Browse examples of required ASC 740 income tax provision disclosures, including rate reconciliation, deferred tax assets and liabilities, and footnotes.

When to Recognize a Valuation Allowance for a Deferred Tax Asset

How to evaluate positive and negative evidence to determine if a valuation allowance is needed for deferred tax assets that won’t be recognized.

Example: How Is a Valuation Allowance Recorded for Deferred Tax Assets?

This example demonstrates the key concepts for determining a valuation allowance for a deferred tax asset, and how to account for it in a journal entry.

How ASC 740 Applies to Foreign-Source Income

Learn how foreign-source income and related foreign tax credits affect ASC 740 income tax provision calculations.

Is a Valuation Allowance an Uncertain Tax Position?

How to differentiate between an uncertain tax position analysis and a valuation allowance analysis for a deferred tax asset.

When Should You Disclose an Uncertain Tax Position?

Corporations are required to make annual disclosures regarding uncertain tax positions. Public entities are required to make additional interim disclosures.

The Two-Step Process for Recognizing Uncertain Tax Positions

Understand the two steps for reporting uncertain tax positions, including how to apply the more-likely-than-not standard to the recognition test.
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