PERMANENT DIFFS (GAAP/STAT)

In the Permanent Diffs GAAP/STAT page, users can enter permanent differences that are permanent in nature (the difference between book income computed for US GAAP and Statutory income in the country). These differences will not reverse in the future. Some examples of permanent differences include; permanent disallowed expenses, certain types of goodwill amortization, and tax-exempt interest. Administrators must select this page in Manage User Permissions for users to view the page. Permissions.

2014.0 permanent differences gaap stat

 

Enter a separate line item for each permanent difference:

1.Select the Code-Description and then Tag or Class/Sub-Class.
2.Select the Type of the permanent difference. It will usually be a P&L adjustment. However, if users are entering a permanent difference that does not have any impact on the current tax expense; for example, stock option expense, select E - Equity adjustment.
3.Type the amount of the permanent difference in local currency.
4.Click Add New to create the permanent difference.

 

After a permanent difference is created, users can edit or delete it by clicking the appropriate icon.

1. Click the pencil icon to edit the permanent difference.

2. Select Save Changes after updating the permanent difference.

 

•Users can attach files to an individual permanent difference on this page. If users have supporting documents, click the paper clip or filing cabinet next to the permanent difference.
•Users can add and update notes for a permanent difference.
•The impact of individual permanent differences on the tax provision can be viewed on the Tax Provision report and the Effective Rate report.
•To view separate pages for GAAP to STAT and STAT to TAX, datasets must be assigned as yeprovgs. For more information, refer to the Administration section.

Notes:

•Refer to the Where to Enter Items in ONESOURCE Tax Provision section for more information on the different types of permanent difference items.
•If a new permanent difference item is required, contact the Corporate Tax Department.