Under ASC 740 (Accounting Standards Codification 740), also known as FASB ASC 740, the guidance pertains to income taxes and requires companies to account for both current and deferred taxes. Companies that are required to account for current and deferred taxes under ASC 740 include publicly traded companies, private companies, and other organizations that are subject to U.S. Generally Accepted Accounting Principles (GAAP).

ASC 740 Tax Provision:

Compliance with Accounting Standards: The ASC 740 service line focuses on ensuring compliance with the accounting standards related to income taxes as outlined in FASB ASC 740.

Current and Deferred Tax Calculations: Our professionals in this service line are responsible for calculating the current income tax provision and deferred tax assets and liabilities based on the differences between financial accounting and tax accounting.

Financial Statement Reporting:  The ASC 740 service line experts help companies accurately report income tax expense, assets, liabilities, and disclosures in their financial statements in accordance with GAAP requirements.

Tax Rate Changes and Uncertain Tax Positions: Our professionals in this service line assess the impact of changes in tax rates, evaluate uncertain tax positions, and determine the appropriate recognition and measurement of tax-related assets and liabilities.