Income Tax Provisions - ASC 740 and IFRS


One of the leading causes of financial restatements continues to be the reporting of deferred taxes and valuation allowances. These matters are further complicated with the continuous tax legislation developments across all jurisdictions. 

Additionally, accelerated reporting deadlines along with increased scrutiny placed on proper disclosures create further challenges to comply with all reporting requirements.  It is clear that accounting for income tax grows complex each year and while a significant component of a company’s financial statements, many do not have the necessary resources available internally to prepare their income tax provision calculations. 

Schneiders Downs provides solutions to your company’s needs to ensure appropriate reporting in accordance with ASC 740 (formerly FAS 109). We offer specialists that are dedicated in the area of accounting for income tax and work closely with your accounting department to co-source or outsource the calculations on an annual or quarterly basis based on reporting requirements. 

Our tax accounting specialists provide the following services:

  • Tax provision outsourcing/co-sourcing and support
  • Analysis and support for accounting for uncertain tax positions under ASC 740-10 (formerly FIN 48)
  • Assistance with all required footnote disclosures
  • Audit support services
  • Income tax accounting for purchase accounting related to business combinations
  • Tax accounting training tailored to company needs
  • Assistance in designing and implementing your accounting processes and related internal controls around income tax reporting including SOX documentation
  • Consultation focused on process improvement for internal calculations
  • Tax package preparation for conversion to IFRS

About Schneider Downs Tax Advisors 

With one of the largest regional tax practices in the country, Schneider Downs Tax Advisors’ personal focus on clients and in-depth understanding of current issues ensures that clients are complying with tax filing requirements and maximizing tax benefits. Our industry knowledge and focus ensures delivery of technical tax strategies which can be implemented as practical business initiatives. Learn more at

case studies
                                    Company impacted by ransomware.
big problem:
Company impacted by ransomware.
big thinking:
Restore system on-site and avoid six-figure ransom.
                                    Inefficient tax credit realization.
big problem:
Inefficient tax credit realization.
big thinking:
Identified a $900,000 tax credit, nearly twice as much as prior years.
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