Updating regional discrete items
Tax Provision allows you to adjust values to the regional interim current and deferred effective tax rates and enter current and deferred regional discrete items.
ETR and Discrete Items Interim input app (RF0803)
This input app allows you to adjust values to the regional interim current and deferred effective tax rates and enter current and deferred regional discrete items.
Tax Provision calculates the regional interim ETR After Adjustment based on the following:
start with | net income/loss before tax adjusted |
|---|---|
plus | regional interim adjusted current ETR |
plus | regional interim adjusted deferred ETR |
equals | regional current tax expense/benefit before discrete items |
plus | regional current tax discrete items |
plus | regional deferred tax discrete items |
plus | regional system deferred tax discrete items |
plus | regional valuation allowance |
equals | total regional interim provision tax |
divided by | net income/loss before tax adjusted |
equals | regional interim ETR after adjustment |
To update the ETR and Discrete Items Interim input app:
- In the Tax Provision navigation pane, click Data Collection.
- Expand Regional Interim.
- Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see “Using the Symbol Selector”.
- Click RF0803 - ETR and Discrete Items Interim.lvapp. The input app opens in the workspace.
- Expand the RegIPETRCUR—Regional Interim Current ETR Adjusted category and enter data for the following accounts:
Symbol
Description
RegIPETRCURA—Regional Interim Current ETR Adjustment
Input adjustment to the calculated regional interim current ETR.
- Expand the RegIPETRDFR—Regional Interim Deferred ETR Adjusted category and enter data for the following accounts:
Symbol
Description
RegIPETRDFRA—Regional Interim Deferred ETR Adjustment
Input adjustment to the calculated regional interim deferred ETR.
- Expand the RegDscCURT—Regional Total Discrete Items Current Tax category and enter data for the following accounts:
Symbol
Description
RegDscC00x—Regional Current Tax Impact of One-Time Adjustment
Input discrete adjustments to the regional current tax.
- Expand the RegDscDFDT—Regional Total Discrete Items Deferred Tax category and enter data for the following accounts:
Symbol
Description
RegDscD00x—Regional Deferred Tax Impact of One-Time Adjustment
Input discrete adjustments to the regional deferred tax.
- Expand the RegIPVaAll—Total Regional National Valuation Allowance category and enter data for the following accounts:
Symbol
Description
RegValCTIP—Regional Valuation Allowance - Current
Input current regional valuation allowance.
RegValNCTIP—Regional Valuation Allowance - Non-Current
Input non-current regional valuation allowance.
RegValNOLIP—Regional Valuation Allowance - NOLs
Input net operating loss regional valuation allowance.
RegValTaxCrIP—Regional Valuation Allowance - Credits
Input regional valuation allowance credits.
- When you are finished, click Submit.
Forecast Tax Expense report (RF0802)
This report is the interim ETR before adjustments. It contains the same account symbols as the “Statutory Effective Tax Rate report (RA0501)”. The Elements (across) represent the forecasted values.
Note: For more information on reports, see "Working with reports".
This report contains the following symbols in the Elements dimension:
Element symbol | Description |
|---|---|
GrsCY_ASC—Current Year | This column represents the current year column in the regional current provision forecast. |
GrsCYIP_ASC—Interim Current Year | This column represents the interim adjustment column in the regional current provision forecast for the adjustment to estimate the full year forecasted current tax expense. |
GrsCYFcst_ASC—Forecast Current Year | This column represents the full year forecasted regional current tax expense. |
GrsCYCur_ASC—Current | This column represents the current year column in the regional current provision forecast adjusted for amounts that impact the full year forecasted current tax provision. |
GrsCYCurIP_ASC—Interim Current | This column represents the interim adjustment column in the regional current provision forecast adjusted for amounts that impact the full year forecasted current tax provision. |
GrsCYCurFcst_ASC—Forecast Current | This column is the sum of GrsCYCur_ASC—Currentand GrsCYCurIP_ASC—Interim Current. This column represents the full year regional current tax expense forecast as adjusted for amounts that impact the full year forecasted regional current tax provision. |
GrsCYDfd—Deferred | This column represents the actual national deferred tax provision elements in the deferred tax rollforward adjusted for amounts that impact the full year forecasted regional deferred tax provision. |
GrsCYDfdIP_ASC—Interim Deferred | This column represents the interim national deferred tax provision elements in the deferred tax rollforward forecast adjusted for amounts that impact the full year forecasted regional deferred tax provision. |
GrsCYDfdFcst—Forecast Deferred | This column is the sum of GrsCYDfd—Deferred and GrsCYDfdIP_ASC—Interim Deferred. This column represents the full year forecasted regional deferred tax expense adjusted for amounts that impact the full year forecasted regional deferred tax provision. |
GrsCYCurDfdFcstT_ASC—Forecast Current Year | This is the sum of GrsCYCurFcst_ASC—Forecast Current and GrsCYDfdFcst—Forecast Deferred. This column represents the total forecasted regional tax provision (i.e. Current plus Deferred). |
To review the Forecast Tax Expense report:
- In the Tax Provision navigation pane, click Reports.
- Expand Regional Interim.
- Use the drop-down list or the symbol selector to select the appropriate entity.
For more information, see “Using the Symbol Selector”.
- Click RF0802 - Forecast Tax Expense.rtp. The report opens in the workspace.
- Review the following values:
Symbol
Description
RegINCTB—Regional Tax Base
Beginning regional amount from the national forecast tax process.
RPerm—Regional Permanent Differences
Total regional permanent differences.
RegNLossT—Total Regional Net Operating Loss
Total regional net operating loss.
RegTaxIncome—Regional Taxable Income/(Loss) after Net Operating Losses
Sum of above symbols.
RegCYR—Regional Tax Rate - CYR
From the Tax Rates input app (XRC0201 or XRC1201).
RegCur_ASC—Regional Current Provision
Regional current provision.
RegTaxCrT—Total Regional Tax Credits
Total regional tax credits.
RegAddPRV_ASC—Regional Additional Provision Items
Total Regional additional provision items.
RegValAllowCHF—Change in Valuation Allowance (Regional)
The change in the regional valuation allowance deferred tax accounts from the beginning of the year to the end of the period excluding any adjustments that do not have an impact on the provision.
RegAddTotalS_ASC—Regional Additional Total Provision – System
Sum of all system regional additional provision items.
RegIP_ASC—Regional Total Provision - Current and Deferred
Total regional interim provision.
RegIPETRB4—Regional Interim ETR Before Adjustment
Regional interim ETR before adjustments.
ETR and Discrete Items Interim report (RF0803)
Use this report to view the regional effective tax rate after adjusting the current and deferred effect tax rates and adding discrete items.
Note: For more information on reports, see "Working with reports".
Tax Provision calculates the Regional Interim ETR After Adjustment based on the following:
start with | net income before tax as adjusted |
|---|---|
multiplied by | current annualized ETR |
equals | current tax expense for adjusting for discrete tax amounts |
plus | current discrete tax amounts |
equals | Total Current Tax Expense |
plus | net income before tax adjusted |
multiplied by | the deferred annualized effective tax rate |
equals | the deferred tax expense before adjusting for discrete tax amounts |
plus | deferred discrete tax amounts |
equals | Total Deferred Tax Expense |
Total Annualized ETR Calculation:
start with | Total Current Tax Expense |
|---|---|
plus | Total Deferred Tax Expense |
equals | Total Tax Expense |
Divided by | net income before tax adjusted |
equals | Total Annualized ETR |
To review the ETR and Discrete Items Interim report:
- In the Tax Provision navigation pane, click Reports.
- Expand National Interim.
- Use the drop-down list or the symbol selector to select the appropriate entity.
For more information, see “Using the Symbol Selector”.
- Click RF0803 - ETR and Discrete Items Interim.rtp. The report opens in the workspace.
- Review the account values for each appropriate account.