|
Required Disclosures for ASC 740-10-50 (formerly FIN 48)
Classification of Interest and Penalties
Annual Disclosure
| • | Discloses the policy for classification of interest and penalties. |
| • | Above or Below the Line. |
Solution in Uncertain Tax Positions Application
| • | Report views showing the effect of classification: |
| • | Below the Line: All or Interest + Penalties. |
| • | Above the Line: Above the Line or Above the Line - Interest Only. |
Tabular Payable Rollforward - ASC 740-10-50-15 (a) = ¶ 21(a)
Annual Disclosure
| • | Tabular Rollforward of unrecognized tax benefits (UTBs) at the beginning and end of the period. |
| • | The Gross + Net view shows the detail and totals for both Gross and Net in one report view. |
Solution in Uncertain Tax Positions Application
| • | Tabular Payable Rollforward report using the Gross/Benefit Option = Gross view. |
| • | You can view Above or Below the Line. |
Effect of Issues for the Effective Tax Rate - ASC 740-10-50-15 (b) = ¶ 21(b)
Annual Disclosure
| • | Total amount of UTBs that, if recognized, would affect the effective tax rate. |
Solution in Uncertain Tax Positions Application & ONESOURCE Tax Provision
| • | Uncertain Journal Entry Report - "Change" column for the Current and Deferred Provision or the "Total Impact to Effective Tax Rate" column in the Uncertain Expense report. |
| • | Export these amounts to ONESOURCE Tax Provision to view the effect on the overall effective tax rate. |
Interest and Penalties - ASC 740-10-50-15 (c) = ¶ 21(c)
Annual Disclosure
| • | Total amount of interest and penalties recognized in the income statement and balance sheet. |
Solution in Uncertain Tax Positions Application
| • | Uncertain Payable Report using the Show = interest + penalties view. |
Issues Expected to Significantly Change in 12 months - ASC 740-10-50-15 (d) = ¶ 21(d)
Annual Disclosure
| • | Positions in which it is reasonably possible that the total amounts of the UTBs will significantly increase or decrease within one year of the reporting date. |
Solution in Uncertain Tax Positions Application
| • | Contingencies Table with additional analysis by the user to determine the nature of the uncertainty, the nature of events that would cause a change, and the estimate of range of change. |
| • | You can label items which are expected to change significantly in 12 months and filter them in the Contingencies Table or Main reports to view the total impact. |
Years with Issues Remaining Open by Jurisdiction - ASC 740-10-50-15 (e) = ¶ 21(e)
Annual Disclosure
| • | Description of tax years that remain subject to examination by major jurisdiction. |
Solution in Uncertain Tax Positions Application
| • | UTP Open Years and Jurisdiction report. |
| 
