1. Deferred taxes
How will deferred taxes change? Consider how bringing operating leases onto the balance sheet could change the asset value under GAAP but not under the US tax code, resulting in a need for deferred taxes.
How will deferred taxes change? Consider how bringing operating leases onto the balance sheet could change the asset value under GAAP but not under the US tax code, resulting in a need for deferred taxes.
How will state taxes change under the new accounting rules? Consider whether a state collects property or franchise taxes which could change under the new standard.
Will corporations change their processes due to the new standards? How will lease data be tracked to ensure accuracy for tax purposes? Also consider how changing processes may impact international taxes.
February 14, 2018 – Deloitte’s Tax Accounting Perspectives document on the tax impacts of the new lease accounting standard, ASC 842, covers the potential impacts of the new standard on deferred taxes, state as well as local taxes, and the transition rules.
Deloitte’s Tax Accounting Perspectives document on the tax impacts of the new lease accounting standard, ASC 842, covers the potential impacts of the new standard on deferred taxes, state as well as local taxes, and the transition rules.
March 16, 2016 – On February 25, 2016, FASB issued its new lease accounting standard, Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This new standard will affect all companies that lease, or sublease, assets in the nature of property, plant or equipment.