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New Resource from CCH Aids FAS 109/IAS 12 Compliance

(RIVERWOODS, ILL., June 30, 2008) – Professionals coping with FASB Standard 109 and its international counterpart, IAS 12, now have an online resource from CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services (CCHGroup.com). The FAS 109/IAS 12 Manager, available on the CCH® Tax Research NetWork™, is an integrated collection of comprehensive research and support materials needed to implement the FAS 109 and related IAS 12 standards, including specific answers to commonly encountered questions, official documents and practice aids.

The FAS 109/IAS 12 Manager is designed for professionals who need a practical understanding of how to recognize income taxes that are refundable or payable and the deferred tax liabilities and assets in a company’s financial statements, a task that has become increasingly more difficult due to complexities in tax law and expanded financial statement disclosure relating to income taxes.

“What used to be a time-consuming annual exercise to prepare FAS 109 calculations and footnote disclosure is now becoming an increasingly more complex global activity that is affecting tax professionals in ways never envisioned,” said Mark Friedlich, CCH Director of Publishing for Accounting and Auditing and author of the FAS 109/IAS 12 Manager. “Since the PCAOB prohibits audit firms from providing tax provisioning services to their clients, companies are under enormous pressure to properly adhere to the requirements of FAS 109. In addition, the recent FASB staff announcement concerning the possible convergence of FAS 109 and IAS 12 in the United States, makes it imperative that U.S. tax professionals becoming intimately familiar with IAS reporting and disclosure requirements.”

Questions, Answers, Practice Aids

At the heart of the FAS 109/IAS 12 Manager are over 150 questions and answers that guide subscribers through the complexities of FAS 109 with answers in CCH Smart Charts™ and Interactive Research Aid formats that link directly to specific sections of FAS 109, IAS 12 and related Practice Aids.

FAS 109 topics include:

  • Overview and Scope of FAS 109;
  • Entities Affected by FAS 109;
  • Operating Principles of FAS 109;
  • FAS 109 Rules Exceptions;
  • Financial Statement Preparation and Disclosure Requirements;
  • Impact of FIN 48 on FAS 109 Computation of the Tax Basis of Assets;
  • Temporary Differences;
  • Taxable and Deductible Temporary Differences;
  • Recognition and Measurement;
  • Deferred Tax Expense or Benefit;
  • Computing Deferred Taxes Under FAS 109;
  • Tax Planning Strategies Related to FAS 109;
  • Effects of Tax Planning Strategies on Valuation Allowances;
  • Exempt Enterprises;
  • Acquired Opinion 23 Differences;
  • Intraperiod Tax Allocations;
  • Treatment of Carryforwards; and
  • FAS 109 Treatment Related to Quasi Reorganizations.

IAS 12 topics include:

  • Overview and Scope of IAS 12;
  • Objective of IAS 12;
  • Tax Based Defined;
  • Recognition of Current Tax Liabilities and Assets;
  • Recognition of Deferred Tax Liabilities and Assets;
  • Business Combinations;
  • Initial Recognition of an Asset or Liability;
  • Deductible Temporary Differences;
  • Unused Tax Losses and Credits;
  • Reassessment;
  • Investments in Subsidiaries and Other Interests;
  • Recognition and Measurement; and
  • Financial Statement Presentation and Disclosures.

The answers may be viewed or quickly downloaded to Microsoft® Word or Excel®. All research links remain “live” in the download, so information from source documents can be verified easily.

In addition, multi-state Smart Charts provide users with apportionment rules going back 10 years, tax rates going back 10 years, limitation periods, state nexus rules and provisions of state voluntary disclosure programs.

Practice aids give important information, guidance and tools that simplify FAS 109 issues, such as an Income Tax Disclosure Checklist and IRS FAQs for Form 1120 Schedule M-3.

Subscribers to the FAS 109/IAS 12 Manager also have access to best practices described in a number of insightful analytical articles, including:

  • Comprehensive Review of Differences Between FAS 109 and IAS 12;
  • TAX CPM: Integrating the Tax Provision into Corporate Enterprise Reporting;
  • FASB 109: Auditing Considerations of Deferred Tax Assets; and
  • FAS 109: A Primer for Non-Accountants.

Subscribers can gain additional insight by examining a number of recent FAS 109 SEC filings, organized by industry. The underlying FAS 109 and IAS 12 documents are also provided, divided into a series of easy-to-access topics.

About the Author

Mark L. Friedlich, Esq. is a tax attorney with approximately 30 years of experience in working with and advising corporate tax departments and tax advisors on domestic and international tax compliance and accounting matters. He has written extensively on many tax and accounting issues. Friedlich spent eight years as Director of Thought Leadership and Publishing for PricewaterhouseCoopers that included the period during the passage and the aftermath of Sarbanes-Oxley. Friedlich is the author of CCH’s FIN 48 Manager and FIN 48 Deskbook.

For More Information

For more information or to subscribe to the FASB 109/IAS 12 Manager, call 800-449-8114 or visit CCHGroup.com. A single-user one-year subscription begins at $995.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CorpSystem®, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. 

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,544 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.

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