PwC’s Income taxes guide is designed to help you interpret US GAAP by bringing together key guidance, our related perspectives, and comprehensive examples into one publication. Financial Accounting Standards Board . February 2013 (Topic 220) Reporting of Amounts Reclassified Out of Accumulated . At its December 16, 2020, meeting, the FASB discussed its projects on the following topics: Identifiable intangible assets and subsequent accounting for goodwill — The Board made tentative decisions related to goodwill amortization periods, methods for an impairment-with-amortization model, and evolving amortization models. On December 18, 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, in an effort to simplify the accounting of income taxes. 5 Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 270, Interim Reporting , outlines the application of U.S. generally accepted accounting principles (GAAP) to the determination of income when interim financial information is presented, provides for the use Accounting Standards Update . In addition, refer to our U.S. GAAP vs. IFRS comparisons series for more comparisons highlighting other significant differences between U.S. GAAP and IFRS. )—Paragraph 6 (FASB ASC 825-10-65-6) No. FASB ASC Topic 270 indicates that earlier quarters should not be restated to reflect a change in accounting estimate recorded at year end. b On a quarterly basis. SEC Rules & Regulations ... ASC 740-270 Interim Reporting. ... 12. other items as required by Codification Topic 270-10-50-1. 2 According to the FASB ASC glossary, a gain contingency is "an existing condition, situation, or set of circumstances involving uncertainty as to possible gain to an entity that will ultimately be resolved when one or more future events occur or fail to occur." A liquidation of LIFO inventories for interim reporting purposes may create a problem in measuring cost of sales. Leases (ASC 842): Defer the effective date for non-PBEs by one year. c On a regular basis. The Codification does not mandate interim reporting. 1. Financial Accounting Standards Board . FASB ASC 220-10-20 and 270-10-20 ASC 270‐10 provides guidance on accounting and disclosure issues for reporting on periods less than one year, and minimum disclosure requirements for interim reporting for publicly traded companies. Update 2020-11—Financial Services—Insurance (Topic 944): Effective Date and Early Application; Update 2020-10—Codification Improvements; Update 2020-09—Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. The term "interim reporting" refers to financial reporting for periods of less than a year. DART pending content manager is OFF You are here ... 740 Income Taxes . We recommend that the Board further develop the framework for interim reporting by more clearly following the guidance in ASC 270 and the SEC interim reporting framework. ASC 740-270-25-5, however, states that the effect of a change in tax law or rates on taxes currently payable or refundable for the current year is recorded after the effective date and no earlier than the enactment date. The proposed ASU would amend the requirements related to the accounting for “hybrid” tax regimes. Interim reporting requirements, including those related to disclosure, are outlined in ASC 270. a On a monthly basis. 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