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Completing The Regional Actual Tax Process

The Tax Provision system calculates a Regional current provision, a Regional deferred tax provision, a Regional Effective Tax Rate (ETR), and a Regional tax account rollforward.

This section provides information on the ASC 740 Regional Actual tax process.

For information on the regional interim process, see Completing the Regional Interim tax process.

The following table outlines the ASC 740 Regional Actual tax process in Tax Provision:

Note: If an owner of a partnership is locked for input, the partnership calculations will fail if changes are submitted to the partnership entity. You can correct this by running the failed partnership calculations for the partnership entity from the Tax Calculations interface once the lock on the owner is released.

Step Input Apps/reports to use...

  1. Update and review the regional current provision and non-provision equity items.

Current Provision Input App (RA0201)

Current Provision Report (RA0201)

Current Provision - Equity Input App (RA0202)

Current Provision - Equity Report (RA0202)

  1. Input top-side reporting currency adjustments for net income before tax (if applicable).

Reporting Currency Only Adjustments input app (RA0599)

  1. Update regional acquisitions information.

Acquisitions input app (RA0303)

  1. Update the gross temporary difference rollforward activity and review the related reports.

For the Temporary Difference method:

Temporary Differences Input App (RA0301)

Deferred Tax Proof Report (RA0300)

Temporary Differences Report (RA0301)

Temporary Differences - Scheduling Report (RA0302)

Temporary Differences Classification Report (RA0304)

For the Balance Sheet method:

Temporary Differences Input App (RA0301)

Temporary Differences - Balance Sheet Method Report (RA0321)

Temporary Differences - Scheduling - Balance Sheet Method Report (RA0322)

Temporary Differences Classification Report (RA0304)

  1. Input adjustments in the reporting currency for any translation differences that may exist between Tax Provision and the general ledger or consolidation system.

NIBT Reporting Currency Only Adjustments Input App (RA0299)

  1. Review the Deferred Tax Rollforward regional actual reports.

Deferred Tax Rollforward Report (RA0401)

Deferred Tax Rollforward - Scheduling Report (RA0402)

Deferred Tax Classification Report (RA0403)

Deferred Tax - for Tax Account Rollforward Report (RA0404)

  1. Adjust and review the effective tax rate, reconciliation, and Total Provision regional actual reports.

Statutory Effective Tax Rate Report (RA0501)

Statutory Total Provision Reconciliation Report (RA0504)

Total Provision report (RA0502)

  1. Resume the National Actual tax process at step “Coordinate with your Administrator to perform a rollover of the system”. 

Completing the National Actual Tax Process

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Completing The Regional Actual Tax Process

The Tax Provision system calculates a Regional current provision, a Regional deferred tax provision, a Regional Effective Tax Rate (ETR), and a Regional tax account rollforward.

This section provides information on the ASC 740 Regional Actual tax process.

For information on the regional interim process, see Completing the Regional Interim tax process.

The following table outlines the ASC 740 Regional Actual tax process in Tax Provision:

Note: If an owner of a partnership is locked for input, the partnership calculations will fail if changes are submitted to the partnership entity. You can correct this by running the failed partnership calculations for the partnership entity from the Tax Calculations interface once the lock on the owner is released.

Step Input Apps/reports to use...

  1. Update and review the regional current provision and non-provision equity items.

Current Provision Input App (RA0201)

Current Provision Report (RA0201)

Current Provision - Equity Input App (RA0202)

Current Provision - Equity Report (RA0202)

  1. Input top-side reporting currency adjustments for net income before tax (if applicable).

Reporting Currency Only Adjustments input app (RA0599)

  1. Update regional acquisitions information.

Acquisitions input app (RA0303)

  1. Update the gross temporary difference rollforward activity and review the related reports.

For the Temporary Difference method:

Temporary Differences Input App (RA0301)

Deferred Tax Proof Report (RA0300)

Temporary Differences Report (RA0301)

Temporary Differences - Scheduling Report (RA0302)

Temporary Differences Classification Report (RA0304)

For the Balance Sheet method:

Temporary Differences Input App (RA0301)

Temporary Differences - Balance Sheet Method Report (RA0321)

Temporary Differences - Scheduling - Balance Sheet Method Report (RA0322)

Temporary Differences Classification Report (RA0304)

  1. Input adjustments in the reporting currency for any translation differences that may exist between Tax Provision and the general ledger or consolidation system.

NIBT Reporting Currency Only Adjustments Input App (RA0299)

  1. Review the Deferred Tax Rollforward regional actual reports.

Deferred Tax Rollforward Report (RA0401)

Deferred Tax Rollforward - Scheduling Report (RA0402)

Deferred Tax Classification Report (RA0403)

Deferred Tax - for Tax Account Rollforward Report (RA0404)

  1. Adjust and review the effective tax rate, reconciliation, and Total Provision regional actual reports.

Statutory Effective Tax Rate Report (RA0501)

Statutory Total Provision Reconciliation Report (RA0504)

Total Provision report (RA0502)

  1. Resume the National Actual tax process at step “Coordinate with your Administrator to perform a rollover of the system”. 

Completing the National Actual Tax Process

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