Tax accounting retrospective February to June 2015

www.pwc.com/us/tax
Tax accounting
retrospective
February to June 2015
June 2015
Exploring tax accounting issues
impacting your company
Highlights
Explore and read
more about this
issue’s highlights:
As part of our continued effort to help organizations navigate through the complexity of
today’s tax accounting issues, we’ve assembled a compilation of our Tax Accounting
Services’ publications released between February 2015 and June 2015.
A brief summary of the publications and links to the relevant documents are included for
each topic.
 Reshaping the Tax
Function of the
Future
June 2015
 Global Tax
Accounting
Services
Newsletter
(January-March
2015)
PwC has developed a series of thought leadership papers exploring our predictions for
the Tax Function of the Future and the main drivers influencing and underpinning them.
 FASB decides to
propose changes
to stock
compensation tax
accounting
Read the full story.
Reshaping the Tax Function of the Future
In our first paper, we consider the current challenges facing tax, predictions for the Tax
Function of the Future, and how the current tax function will have to adapt to support
and keep pace with the wider business.
Tax accounting retrospective
In brief: FASB
proposes to simplify
the accounting for
share-based payments
On June 8, 2015, the FASB issued a
Proposed Accounting Standards
Update (ASU), Improvements to
Employee Share-Based Payment
Accounting, to amend ASC Topic 718,
Compensation – Stock Compensation.
The proposal is part of the FASB’s
ongoing simplification initiative,
which is designed to reduce cost and
complexity while maintaining or
improving the usefulness of the
information provided to the users of
financial statements.
Read the full story.
Mergers &
acquisitions- a
snapshot: Changing
the way you think
about tomorrow’s
deals
This is the fourth edition in a series
focused on companies in distress and
the relevant considerations prior to,
during, and after a bankruptcy. This
edition focuses on important tax
planning and accounting
considerations for companies in the
Chapter 11 bankruptcy process.
Read the full story.
IRS requests
comments on tax
accounting method
impact of new FASB,
IASB revenue
recognition standard
The IRS on May 29 issued Notice
2015-40 requesting comments
regarding the possible effects on a
taxpayer's tax accounting methods of
the new financial accounting revenue
recognition standard, "Revenue from
Contracts with Customers".
Read the full story.
April 2015
Global Tax Accounting
Services Newsletter
(January - March
2015)
In this release we provide an update
on a variety of accounting and
reporting developments, including:

Update on income tax accounting
activity by the Financial
Accounting Standards Board's
agenda

Recent International Financial
Reporting Standards (IFRS)
Interpretation Committee's
guidance on some tax-related
matters

Tax accounting refresher
discussing which accounting
standards apply to various types
of tax or tax systems and
differences in the treatment of
these taxes under US GAAP and
IFRS.
We also draw your attention to some
significant tax law and tax rate
changes that occurred around the
globe during the quarter ended March
2015.
Read the full story.
Around the world:
When to account for
tax law changes
Keeping track of tax law changes
around the world has increasingly
become a challenge for businesses.
Companies are rapidly expanding
their geographic footprint at a time
when the evolution and developments
in jurisdictional tax laws are
undergoing nearly constant change.
Naturally, changes in tax law have an
impact on tax planning, tax return
preparation and, ultimately, tax cash
flows. Those consequences, however,
are often preceded by the impact of
such changes on company financial
reporting. This publication provides
numerous examples to show at what
point in the lawmaking process that
tax legislation should be considered
enacted or substantially enacted.
Read the full story
Financial reporting
implications of new
UK diverted profits tax
On 26 March 2015, the UK enacted a
new taxing regime known as the
diverted profits tax (DPT). The new
regime levies a tax on ‘diverted’ profits
generated on or after 1 April 2015.
Substantive enactment occurred on 25
March 2015.
Read the full story.
PwC
2
Tax accounting retrospective
Additional resources
Stay connected to recent tax accounting developments. Explore the TAS to Go app available on iOS, Windows devices
and Android.
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Windows
Android
Let’s talk
For questions about income tax accounting matters, please contact your local PwC team, our Tax Accounting Services
leaders listed below, or the primary authors of each publication.
Market
Leader
Phone
Email
Atlanta
Ben Stanga
(615) 503-2577
[email protected]
N. California–San Jose
Ty Kanaaneh
(408) 817-5729
[email protected]
N. California–San Francisco
Adan Martinez
(415) 498-6154
[email protected]
Southern California
Darrell Poplock
(213) 356-6158
[email protected]
Carolinas
Tamara Williams
(704) 344-4146
[email protected]
Chicago
Rick Levin
(312) 298-3539
[email protected]
Florida
Rafael Garcia
(305) 375-6237
[email protected]
Houston
Maria Collman
(713) 356-5091
[email protected]
Lake Erie
Mike Tomera
(412) 355-6095
[email protected]
Michigan
Amy Solek
(313) 394-6767
[email protected]
Minneapolis
Chad Berge
(612) 596-4471
[email protected]
Missouri
Brian Sprick
(314) 206-8509
[email protected]
Northeast
David Wiseman
(617) 530-7274
[email protected]
New York Metro
Allen AhKao
(973) 236-5730
[email protected]
New York Metro
Gary Pogharian
(973) 236-5696
[email protected]
New York Metro
John Triolo
(646) 471-5536
[email protected]
Ohio, Kentucky, Indiana
Dan Staley
(513) 723-4727
[email protected]
Pacific Northwest
Suzanne Greer
(206) 398-3339
[email protected]
Philadelphia
Diane Place
(267) 330-6205
[email protected]
Rockies
Mike Manwaring
(720) 931-7411
[email protected]
North Texas
Steve Schoonmaker
(512) 708-5492
[email protected]
Washington Metro
Jamie Grow
(703) 918-3458
[email protected]
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