Tax Officers Summit XXIII 2018

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  • What Tax Officers Need to Know about ASC 740


    Joseph F. Leary, a speaker at the marcus evans Tax Officers Summit XVI Fall 2013, on navigating through ASC 740 Tax Provision (Formerly FAS 109) successfully.

    Interview with: Joseph F. Leary, Director of Taxation, Gentek, Inc.

    FOR IMMEDIATE RELEASE

    “The Accounting Standards Codification (ASC) 740 presents direct and indirect challenges for today’s tax officers. Fundamentally, detailed recordkeeping is required at the transactional level when there is an income tax effect, differences in book basis and tax basis balance sheet accounts must be reconciled, and integrated tax accounts including income tax expense, current and deferred income taxes, and tax reserve accounts must be maintained. In addition, Sarbanes-Oxley requires formal policies and procedures that must be tested for compliance. ASC 740 and FIN 48 are complex accounting pronouncements that often require specialized expertise,” says Joseph F. Leary, Director of Taxation, Gentek, Inc.

    A speaker at the marcus evans Tax Officers Summit XVI Fall 2013, in Las Vegas, Nevada, November 14-16, Leary puts the ASC 740 under the spotlight.

    What difficulties are tax officers facing with ACS 740?

    The difficulties can be mind-boggling for all but the least complex organizations. Detailed data may not be available on an entity’s systems, and in many cases organizational systems integration with tax systems or processes is not a supported organizational priority. Again, depending on an organization’s complexity and budget, tax systems may range from internally developed spreadsheet applications to highly customized platforms with a host of variations in-between. Internal auditors may be far more involved in tax department processes and disagreements with external auditors may have material impacts on entity financial results. Many organizations require monthly updates to tax accounts, and all organizations require at least quarterly computations of income tax expense and balance sheet tax accounts.

    Many transactions, depending on the timing and nature of the underlying transaction, will require the establishment of a deferred asset or liability. Deferred items must be monitored to identify when an asset or liability turns around, whether it is appropriate to carry an asset or liability, and whether a valuation allowance is required.

    In a changing business environment, how should the tax function be managed?

    There is no one-size-fits-all answer. However, at a high level tax officers have three core missions: ensure that tax effects are properly reported in financial statements, federal, state, local and foreign tax compliance, and judicious tax planning. Organizations must determine whether and to what extent tax functions may be handled externally.

    What future trends should tax directors prepare for?

    The functions performed by tax departments have never before been subject to as much scrutiny as currently exists. While burdens placed on tax departments rapidly grow, organizations routinely shrink badly needed resources that are necessary to reliably perform assigned functions. Voluminous demands for fast and accurate access to and retention of data seem to grow exponentially.

    What characteristics will this require of team members?

    All members of a tax department, regardless of level, should have a working familiarity with ASC 740 that will enable both issue identification and technical application. Directors and managers should be very well versed and should take a hands-on approach. Of course, however, tax positions will vary across organizations and the degree of ASC 740 complexity will vary accordingly.

    Any final words of advice?

    Tax officers must stay involved. Unexpected ASC 740 issues can have a material impact on financial statements and can lead to embarrassing Sarbanes-Oxley weaknesses. Address issues immediately, as they arise. If you let them fester, they will only get worse.


    Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division

    Tel: + 357 22 849 313
    Email: press@marcusevanscy.com


    About the Tax Officers Summit XVI Fall 2013

    This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 14-16, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on corporate tax management, international tax planning, corporate tax reform and transfer pricing policy.

    For more information please send an email to info@marcusevanscy.com or visit the event website

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    Please note that the Summit is a closed business event and the number of participants strictly limited.

    About marcus evans Summits

    marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, case studies, roundtables and one-on-one business meetings. For more information, please visit www.marcusevans.com


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