Tax Accounting Services

Meeting demands for improved accuracy, transparency and risk mitigation while balancing an efficient tax function

Canadian tax and accounting functions cannot afford to maintain the status quo. Intense regulatory scrutiny and the introduction of extensive disclosure requirements have turned tax accounting into a hot button issue for many finance executives and have exposed significant problems within corporate tax departments. These developments make it more important than ever for companies to improve their tax accounting function, and integrate it into their overall finance function.

Unfortunately, many companies lack the internal resources and expertise needed to meet increasing requirements for accuracy and transparency surrounding the tax accounting aspects of their financial reporting. Tax personnel are struggling with the increased focus on tax accounting accuracy within ever tightening reporting deadlines. To further complicate matters, these already strained internal tax resources must prepare for the tax impact of International Financial Reporting Standards migration and any related accounting issues.

The risks associated with tax accounting errors and ineffective tax rate management are too high to underestimate. Further, Canadian tax executives cannot keep their internal tax resources focused solely on tax accounting activities, while ignoring other important aspects of the overall tax function.

How PricewaterhouseCoopers LLP can help

Our Tax Accounting Services team can assist you with a wide range of tax accounting issues, including:

• Increasing focus on the tax function's tax accounting strategic objectives within, such as effective tax rate management
• Improving documentation over the tax accounting function
• Improving accuracy of tax accounting balances through outsourcing the preparation and/or review of quarterly and annual tax accounting calculations
• Integrating tax accounting within a company's financial reporting cycle, as well as including taxes in forecasts
• Improving the design of tax accounting controls, including assistance with re-engineering the tax accounting process and remediation of controls that are not effective
• Reviewing and selecting tax accounting technology solutions
• Determining and documenting tax contingency reserves
• Implementing new accounting standards, such as FIN 48 and IFRS, and GAAP reconciliations

We know effective management of your tax accounting function is vital to your organization's bottom-line, shareholder value and reputation. We can assist you in all aspects of your organization's tax accounting function, from the preparation or review of tax accounting calculations to the re-design of your tax accounting function.

Contact us today to see how we can help.