U.S. GAAP and Related Administrative Requirements for the International Tax Practitioner (Portfolio 6845)

Description

The Bloomberg Tax Portfolio, U.S. GAAP and Related Administrative Requirements for the Inteternational Tax Practitioner, is intended to assist both U.S. and foreign-based multinational corporations that prepare financial statements in accordance with U.S. accounting principles.

The Portfolio provides an overview of major topics in accounting for income taxes under U.S. GAAP relating to the measurement of income tax expense and the establishment of deferred tax assets and liabilities. The discussion focuses on general rules establishing deferred taxes on basic differences that arise due to differing financial statement and tax accounting rules and specific exceptions to the general rule of comprehensive deferred tax accounting which are available with regard to certain foreign subsidiaries. Attention is also directed to other specific issues common to multinationals such as accounting rules related to mergers and acquisitions, foreign currency remeasurement and translation, accounting for hedges and derivative instruments, and stock option and related compensation issues.

Table of Contents

I. Introduction
II. Accounting for Income Taxes
III. Accounting for Mergers and Acquisitions
IV. Foreign Currency Translation
V. Special Tax Accounting Issues
VI. Interactions with Sarbanes-Oxley Act of 2002, Public Company Accounting Oversight Board Rules and Standards, U.S. Securities Laws, Workpapers and Document Protection, and Other Rules Affecting Tax Practice