[Download all the ASC 740 disclosure examples as a pdf.]
Reduce risk and simplify ASC 740 reporting with Bloomberg Tax Provision
ASC 740 income tax provision planning and reporting can be complicated. Corporate tax professionals need to stay on top of changing tax laws, updated corporate facts, and reporting and disclosure requirements. Inaccurate entries can lead to expensive financial restatements, scrutiny from auditors and regulators, and reputational damage. The Financial Accounting Standards Board (FASB) has released a proposed update that would significantly affect your current process for calculating income tax provisions and preparing disclosures. Download our Guide to Proposed FASB Changes to ASC 740 for the latest developments regarding FASB’s proposed updates and how these changes will affect the tax provision process.
Tax provision software can reduce risk and simplify reporting by enabling more granular, audit-ready reporting without a lot of manual effort that’s usually needed to maintain cumbersome Excel workbooks. It simplifies annual and interim reporting work by creating a step-by-step workflow to prepare and review an income tax provision.
Bloomberg Tax Provision is the simplest solution to the complicated technical requirements involved in calculating and reporting your income tax provision. Move from your facts to the footnote with this easy-to-use software that helps you manage risk and reduce time spent in your ASC 740 process by providing a streamlined, controlled environment that leverages a balance sheet approach to comply with U.S. GAAP. Learn how Bloomberg Tax Provision helped IT provider Flexential save time and effort and ensure accuracy by simplifying its approach to tax provision.
Ready to get started? Request a demo to see how Bloomberg Tax Provision can work for you and your company.