Deloitte's Roadmap: Income Taxes

Income Taxes

This Roadmap provides Deloitte’s insights into and interpretations of the income tax accounting guidance in ASC 740. Updates in the 2022 edition of the Roadmap include an expanded and reorganized discussion of valuation allowances as well as a new appendix that discusses tax-related provisions of the CHIPS Act and the Inflation Reduction Act.

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Preface On the Radar Contacts Chapter 1 — Overview Chapter 2 — Scope Chapter 3 — Book-Versus-Tax Differences and Tax Attributes Chapter 4 — Uncertainty in Income Taxes Chapter 5 — Valuation Allowances Chapter 6 — Intraperiod Allocation Chapter 7 — Interim Reporting Chapter 8 — Accounting for Income Taxes in Separate Financial Statements Chapter 9 — Foreign Currency Matters Chapter 10 — Share-Based Payments Chapter 11 — Business Combinations Chapter 12 — Other Investments and Special Situations Chapter 13 — Presentation of Income Taxes Chapter 14 — Disclosure of Income Taxes Appendix A — Implementation Guidance and Illustrations Appendix B — Changes Under ASU 2019-12: Simplifying the Accounting for Income Taxes Appendix C — FASB Proposes Changes to Income Tax Disclosure Requirements Appendix D — Glossary of Terms in the ASC 740 Topic and Subtopics Appendix E — Sample Disclosures of Income Taxes Appendix F — Differences Between U.S. GAAP and IFRS Accounting Standards Appendix G — Emerging ASC 740 Issues: Recent Tax Legislation Appendix H — Titles of Standards and Other Literature Appendix I — Abbreviations Appendix J — Roadmap Updates for 2022

This Roadmap provides Deloitte’s insights into and interpretations of the income tax accounting guidance in ASC 740. The income tax accounting framework has been in place for many years; however, views on the application of that framework to current transactions continue to evolve because structures and tax laws are continually changing. Therefore, use of this Roadmap, though it is intended as a helpful resource, is not a substitute for consultation with Deloitte professionals on complex income tax accounting questions or transactions.

The body of this Roadmap combines the income tax accounting rules from ASC 740 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. The Roadmap reflects Accounting Standards Updates (ASUs) issued by the FASB through October 2022, and includes pending content from recently issued ASUs. Readers should refer to the transition guidance in the FASB Accounting Standards Codification or in the relevant ASU to determine the effective date(s) of the pending guidance.

Each chapter of this publication typically starts with a brief introduction and includes excerpts from ASC 740 or related guidance, Deloitte’s interpretations of those excerpts, and examples to illustrate the relevant guidance. Some of the calculations in the examples use rounded numbers for simplicity. The 2022 edition of this Roadmap includes new guidance and editorial enhancements to reflect our latest thinking and input from standard setters and regulators. Appendix J highlights significant changes made to this publication since issuance of last year’s edition.