Tax Accounting
Increased scrutiny of how much tax organisations are paying, and their policies in this area, means that it is increasingly important that your tax reporting is accurate and appropriately disclosed within your financial statements. Financial restatements, coupled with increased regulatory examination of tax accounts and related tax disclosures, have elevated the focus on tax accounting — and exposed significant problems in many companies.
- Complex tax accounting in areas by changing law or after group reorganisations/acquisitions where consideration needs to be given to purchase price allocations etc.
- Assisting with tax GAAP conversion (due to M&A, law changes etc.), including assessing the differences between GAAPs, and documenting and quantifying the impact on your organisation (tax implications on financial statements, impact on cash tax payments etc.).
- Deferred tax remediation under all GAAPs, assisting with assessment of the completeness and accuracy of your deferred tax balances.
- Preparation or review of annual or quarterly tax provisions (reducing the need for significant prior year adjustments to your tax reporting numbers resulting in a volatile effective tax rate).
- Providing assistance in assessing uncertain tax positions and the accounting requirements in this respect.
- Preparation and/or review of any required audit evidence.
- Providing advice on tax reporting technology, we have helped many organisations gain efficiencies and insights by implementing third party technology solutions.
- Advising on market leading tax reporting processes, focusing on efficiency, quality and insights to create a fit for purpose target operating model
- Providing support during periods of resource constraints with the preparation or review of tax accounting numbers for local accounts or group reporting (via a co-sourcing or out-sourcing arrangement).
- Providing tax accounting training to keep your management, finance and tax teams aware of the current rules as well as future developments
You can contact us if you for example:
- Technical accounting assistance
- Technology solutions
- Staffing
Technical accounting assistance
- Want to gain a greater understanding of the financial reporting impact on taxes in order to make more informed decisions.
- Require greater effectiveness and efficiency when making effective tax rate forecasts based on forecast transactions and scenarios.
- Are wary of, or want to avoid producing poor quality statutory financial statements in order to avoid audit issues which are likely to lead to over-runs and additional use of management resource.
- Feel that your organisation is vulnerable to errors due to a lack of awareness over appropriate tax accounting treatment.
Technology solutions
- Need confidence that your financial reporting of taxes is as accurate as possible and aspire to develop processes and procedures to capture relevant data and information at an early stage.
- Need to reduce your tax reporting close period by redesigning your processes, without losing accuracy of your numbers.
Staffing
- Would like to relieve time pressures on your local finance teams, who may not have the deep technical specialist support available to advise on the tax accounting position of complex issues.
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