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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:

  1. In the Tax Provision navigation pane, click Data Collection.
  2. Expand Regional Interim.
  3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
  4. Click RF0803 - ETR and Discrete Items Interim.lvapp. The input app opens in the workspace.
  5. Expand the RegIPETRCUR — Regional Interim Current ETR Adjusted category and enter data for the following account:

    1. RegIPETRCURA — Regional Interim Current ETR Adjustment: Input adjustment to the calculated regional interim current ETR.

  6. Expand the RegIPETRDFR — Regional Interim Deferred ETR Adjusted category and enter data for the following account:

    1. RegIPETRDFRA — Regional Interim Deferred ETR Adjustment: Input adjustment to the calculated regional interim deferred ETR.

  7. Expand the RegDscCURT — Regional Total Discrete Items Current Tax category and enter data for the following account:
    1.   RegDscC00x — Regional Current Tax Impact of One-Time Adjustment: Input discrete adjustments to the regional current tax.
  8. Expand the RegDscDFDT — Regional Total Discrete Items Deferred Tax category and enter data for the following account:
    1.   RegDscD00x — Regional Deferred Tax Impact of One-Time Adjustment: Input discrete adjustments to the regional deferred tax.
  9. Expand the RegIPVaAll — Total Regional National Valuation Allowance category and enter data for the following accounts: 

    1. RegValCTIP — Regional Valuation Allowance - Current: Input current regional valuation allowance.

    2. RegValNCTIP — Regional Valuation Allowance - Non-Current: Input non-current regional valuation allowance.

    3. RegValNOLIP — Regional Valuation Allowance - NOLs: Input net operating loss regional valuation allowance.

    4. RegValTaxCrIP — Regional Valuation Allowance - Credits: Input regional valuation allowance credits.

  10. 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:

  1. In the Tax Provision navigation pane, click Reports.
  2. Expand Regional Interim.
  3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
  4. Click RF0802 - Forecast Tax Expense.rtp. The report opens in the workspace.
  5. Review the following values:

    1. RegINCTB — Regional Tax Base: Beginning regional amount from the national forecast tax process.

    2. RPerm — Regional Permanent Differences: Total regional permanent differences.

    3. RegNLossT — Total Regional Net Operating Loss: Total regional net operating loss.

    4. RegTaxIncome — Regional Taxable Income/(Loss) after Net Operating Losses: Sum of above symbols.

    5. RegCYR — Regional Tax Rate - CYR: From the Tax Rates input app (XRC0201 or XRC1201).

    6. RegCur_ASC — Regional Current Provision: Regional current provision.

    7. RegTaxCrT — Total Regional Tax Credits: Total regional tax credits.

    8. RegAddPRV_ASC — Regional Additional Provision Items: Total Regional additional provision items.

    9. 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.

    10. RegAddTotalS_ASC — Regional Additional Total Provision – System: Sum of all system regional additional provision items.

    11. RegIP_ASC — Regional Total Provision - Current and Deferred: Total regional interim provision.

    12. 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:

  1. In the Tax Provision navigation pane, click Reports.
  2. Expand National Interim.
  3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
  4. Click RF0803 - ETR and Discrete Items Interim.rtp. The report opens in the workspace.
  5. Review the account values for each appropriate account.
Published:

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:

  1. In the Tax Provision navigation pane, click Data Collection.
  2. Expand Regional Interim.
  3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
  4. Click RF0803 - ETR and Discrete Items Interim.lvapp. The input app opens in the workspace.
  5. Expand the RegIPETRCUR — Regional Interim Current ETR Adjusted category and enter data for the following account:

    1. RegIPETRCURA — Regional Interim Current ETR Adjustment: Input adjustment to the calculated regional interim current ETR.

  6. Expand the RegIPETRDFR — Regional Interim Deferred ETR Adjusted category and enter data for the following account:

    1. RegIPETRDFRA — Regional Interim Deferred ETR Adjustment: Input adjustment to the calculated regional interim deferred ETR.

  7. Expand the RegDscCURT — Regional Total Discrete Items Current Tax category and enter data for the following account:
    1.   RegDscC00x — Regional Current Tax Impact of One-Time Adjustment: Input discrete adjustments to the regional current tax.
  8. Expand the RegDscDFDT — Regional Total Discrete Items Deferred Tax category and enter data for the following account:
    1.   RegDscD00x — Regional Deferred Tax Impact of One-Time Adjustment: Input discrete adjustments to the regional deferred tax.
  9. Expand the RegIPVaAll — Total Regional National Valuation Allowance category and enter data for the following accounts: 

    1. RegValCTIP — Regional Valuation Allowance - Current: Input current regional valuation allowance.

    2. RegValNCTIP — Regional Valuation Allowance - Non-Current: Input non-current regional valuation allowance.

    3. RegValNOLIP — Regional Valuation Allowance - NOLs: Input net operating loss regional valuation allowance.

    4. RegValTaxCrIP — Regional Valuation Allowance - Credits: Input regional valuation allowance credits.

  10. 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:

  1. In the Tax Provision navigation pane, click Reports.
  2. Expand Regional Interim.
  3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
  4. Click RF0802 - Forecast Tax Expense.rtp. The report opens in the workspace.
  5. Review the following values:

    1. RegINCTB — Regional Tax Base: Beginning regional amount from the national forecast tax process.

    2. RPerm — Regional Permanent Differences: Total regional permanent differences.

    3. RegNLossT — Total Regional Net Operating Loss: Total regional net operating loss.

    4. RegTaxIncome — Regional Taxable Income/(Loss) after Net Operating Losses: Sum of above symbols.

    5. RegCYR — Regional Tax Rate - CYR: From the Tax Rates input app (XRC0201 or XRC1201).

    6. RegCur_ASC — Regional Current Provision: Regional current provision.

    7. RegTaxCrT — Total Regional Tax Credits: Total regional tax credits.

    8. RegAddPRV_ASC — Regional Additional Provision Items: Total Regional additional provision items.

    9. 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.

    10. RegAddTotalS_ASC — Regional Additional Total Provision – System: Sum of all system regional additional provision items.

    11. RegIP_ASC — Regional Total Provision - Current and Deferred: Total regional interim provision.

    12. 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:

  1. In the Tax Provision navigation pane, click Reports.
  2. Expand National Interim.
  3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
  4. Click RF0803 - ETR and Discrete Items Interim.rtp. The report opens in the workspace.
  5. Review the account values for each appropriate account.
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