Tax Accounting Service (TAS)

Business challenges

Improvement and integration of tax accounting and reporting into the finance function has never been more important than it is today. Financial restatements coupled with increased regulatory scrutiny of tax accounts and related required transparent tax disclosures has elevated the focus on tax accounting and exposed significant problems in many companies.

Often, companies lack the resources and experience to meet today’s tax accounting challenges, especially considering the mounting pressure to increase accuracy within increasingly tight deadlines.

Those challenges will be further complicated by the emergence of globalization of business and convergence of di_erent accounting standards, putting even more strain on an already resource constrained tax function. Although conceptually IFRS and US GAAP have similar tax accounting principles as Japan GAAP, there are significant di_erences in several important tax accounting areas resulting in additional complications.


How PwC can help address your needs

Our TAS team is comprised of dedicated professionals with a background in accounting, auditing, and tax. PwC’s tax accounting network delivers a comprehensive approach to tax accounting. We work with other PwC TAS professionals around the world to provide local, regional, and global tax accounting expertise.

 


This comprehensive approach may include the following TAS services;

  • Tax provisioning and forecasting
  • Assistance in the preparation or review of IFRS, US GAAP, or Japan GAAP tax accounting obligations
  • Effective tax rates – analysis and long term planning of effective tax rates
  • Coordination of the service delivery with foreign parent or subsidiaries
  • Technical tax accounting knowledge applied to the interpretation of tax accounting standards,transactions, business issues, and forensic reviews
  • Assistance with implementation and ongoing maintenance of reserves for uncertain tax positions under Japan GAAP, US GAAP, and /or IFRS
  • Accounting for income tax issues related to purchase accounting for acquisitions and divestitures(i.e. business combinations)
  • Convergence – Assisting companies with the tax accounting aspects of changing standards as a result of convergence of Japan GAAP, US GAAP, and IFRS
  • Reviews – detailed reviews of deferred tax balance, including the development of tax basis balance sheets
  • Knowledge transfer – training on tax accounting (both basic and advanced levels), the establishment of tax accounting policies, assistance with parent company tax packages etc
  • U.S. earnings and profits studies to determine amount of dividend distributions and creditable taxes for US foreign tax credit purposes.

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