LOCAL ACTUAL AFTER TAX TEMPORARY DIFFERENCES

In the Local Actual After Tax Temp Diffs page, users can enter after tax adjustments that are temporary in nature. An example of a local actual after tax temporary difference is a tax credit with a carry-forward amount.

Enter a separate line item for each local actual after tax temporary difference:

1.Select the Code-Description and then Tag or Class/Sub-Class.
2.Indicate whether the item is classified as current or non-current.
3.The Beginning balance, if any, is automatically pre-populated.
4.Enter the current activity amount in local currency.
5.There are fields for entering deferred only adjustments and balance sheet only adjustments. Enter the appropriate amounts, if applicable.
6.The ending balance, if any, is automatically calculated.
7.Click Add New to create the local actual after tax temporary difference.

 

•The impact of individual local actual after tax temporary difference on the tax provision can be viewed on the Local Interim Provision report.
•Deferred Only actual after tax temporary differences will appear on the Effective Rate report.
•Users can attach files to an individual local actual after tax temporary difference item on this page. If users have supporting documents, click the paper clip or filing cabinet next to the item.
•Users have the ability to add and update notes to a line item. Users may click on the notes icon then add notes.

 

Notes:

•Refer to the Where to Enter Items in ONESOURCE Tax Provision section for more information on the different types of adjustments; for example, current activity, deferred only, and balance sheet only.
•If a new local actual after tax temporary difference item is required, contact the Corporate Tax Department.