Disclosure Review: Income Taxes


What’s New The Financial Accounting Standards Board (FASB or Board) has begun initial deliberations to increase income tax disclosures related to changes in tax laws, deferred taxes, income taxes paid, valuation allowances, tax rate reconciliation, and tax carryforwards. These deliberations were made as part of the FASBs overall Disclosure Framework project. Potential Impact The objective… Read more »

OECD issues final guidelines


Potential Impact In 2013, the OECD undertook the BEPS project to address the growing difficulty in applying current international tax rules due to the expansion of the digital economy. Specifically, the project was aimed at addressing aggressive tax planning techniques employed by multinational entities to take advantage of gaps in the interaction of different jurisdictions’… Read more »

All Deferred Tax Assets and Liabilities to be Classified as Noncurrent


The Crux On October 5, the Financial Accounting Standards Board voted to finalize a requirement that all deferred income tax assets and liabilities be presented as noncurrent in an effort to simplify presentation of deferred income taxes. Under current rules, companies must separate deferred income tax assets and liabilities into current and noncurrent amounts. For… Read more »

Clifton Douglas LLP Announces Firm Expansion into San Francisco, California


San Jose, California – September 29, 2015 – Clifton Douglas announced today that they are expanding their offices to a second location in order to accommodate continuing growth and future market development plans. The new office will be located in the Financial District, at One Embarcadero Center, San Francisco, California, and is scheduled to open… Read more »