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Longview Tax Provision Overview

Tax Provision calculates your company’s global tax charge, effective tax rate, and deferred taxes for tax provisioning purposes. Since Tax Provision uses the same technological platform as your corporate performance management solution, the tax reporting process is directly integrated into the corporate close process. As one solution, consolidated pretax income can be reported by legal entity to accurately calculate consolidated income tax charges and deferred taxes.

When corporate accounting finalizes the period end close and all necessary amounts, such as permanent and temporary differences, tax rates, factors, and foreign exchange rates, have been entered in the system, Tax Provision automatically calculates the current and deferred income tax provisions by legal entity and by jurisdiction. From the provision calculation, Tax Provision produces a draft income tax disclosure complete with supporting schedules.

This detail supports the required disclosures in the income tax disclosure, including:

  • a breakout of pretax income between foreign and domestic entities
  • a breakout of the consolidated tax provision between national current and deferred, and foreign current and deferred taxes
  • a reconciliation of the company’s statutory tax rate and its consolidated effective tax rate
  • the make up of net deferred tax assets, liabilities, and valuation allowances (where applicable)

The Tax Provision suite

Tax Provision is a suite of applications that allows users to select the appropriate application to access the Longview Tax database.

The following is a list of some of the applications included with the Tax Provision product suite:

  • Longview Tax

    Longview Tax is the portal through which users can access input templates and reports to complete a tax provision, and administrators can access tools and editors that can help them manage the Longview Tax system.

  • Longview Dashboard

    This is a web page that you can access through Internet Explorer. Your Longview Dashboard may contain custom Optix charts for your company and other customized information. It may also contain a link to Longview Tax.

  • Longview Application Administrator

    This is the Windows based client, which Administrators can use to perform system set-up and maintenance.

  • Longview Analysis and Reporting

    This is a data analysis tool that you can use to perform data queries and to create and run custom reports.

  • Longview Designer

    This is a tool from which administrative users can create, design, manage, publish, and assign apps.

  • Longview Server Manager

    This is a Windows-based client that Administrators can use to start, stop, and configure the servers, and to perform migration tasks.

  • Longview Add-In for Office / Longview for Excel

    These applications are the add-ins that Longview provides for Microsoft Excel. Both add-ins allow users to dynamically export data from the Longview Tax database into Microsoft Excel where the data can be manipulated using Excel functionality. For most tasks related to data manipulation, Longview recommends that you use the Longview Add-In for Office. However, in certain cases (for example, if you are working with schedule data or if you want to display data in PivotTable format), you should use Longview for Excel.

IAS and ASC

IAS 12 (International Accounting Standard) is the IFRS (International Financial Reporting Standard) used for income taxes in most areas of the world. The other common standard is ASC 740 (US GAAP), which is used predominantly in the United States. Tax Provision supports both the IAS 12 and ASC 740 tax standards.

Due to the differences in standards, the Tax Provision process varies depending on the standard used by your entity. Tax users typically have access only to the relevant input templates and reports for their entity’s tax standard.
Published:

Longview Tax Provision Overview

Tax Provision calculates your company’s global tax charge, effective tax rate, and deferred taxes for tax provisioning purposes. Since Tax Provision uses the same technological platform as your corporate performance management solution, the tax reporting process is directly integrated into the corporate close process. As one solution, consolidated pretax income can be reported by legal entity to accurately calculate consolidated income tax charges and deferred taxes.

When corporate accounting finalizes the period end close and all necessary amounts, such as permanent and temporary differences, tax rates, factors, and foreign exchange rates, have been entered in the system, Tax Provision automatically calculates the current and deferred income tax provisions by legal entity and by jurisdiction. From the provision calculation, Tax Provision produces a draft income tax disclosure complete with supporting schedules.

This detail supports the required disclosures in the income tax disclosure, including:

  • a breakout of pretax income between foreign and domestic entities
  • a breakout of the consolidated tax provision between national current and deferred, and foreign current and deferred taxes
  • a reconciliation of the company’s statutory tax rate and its consolidated effective tax rate
  • the make up of net deferred tax assets, liabilities, and valuation allowances (where applicable)

The Tax Provision suite

Tax Provision is a suite of applications that allows users to select the appropriate application to access the Longview Tax database.

The following is a list of some of the applications included with the Tax Provision product suite:

  • Longview Tax

    Longview Tax is the portal through which users can access input templates and reports to complete a tax provision, and administrators can access tools and editors that can help them manage the Longview Tax system.

  • Longview Dashboard

    This is a web page that you can access through Internet Explorer. Your Longview Dashboard may contain custom Optix charts for your company and other customized information. It may also contain a link to Longview Tax.

  • Longview Application Administrator

    This is the Windows based client, which Administrators can use to perform system set-up and maintenance.

  • Longview Analysis and Reporting

    This is a data analysis tool that you can use to perform data queries and to create and run custom reports.

  • Longview Designer

    This is a tool from which administrative users can create, design, manage, publish, and assign apps.

  • Longview Server Manager

    This is a Windows-based client that Administrators can use to start, stop, and configure the servers, and to perform migration tasks.

  • Longview Add-In for Office / Longview for Excel

    These applications are the add-ins that Longview provides for Microsoft Excel. Both add-ins allow users to dynamically export data from the Longview Tax database into Microsoft Excel where the data can be manipulated using Excel functionality. For most tasks related to data manipulation, Longview recommends that you use the Longview Add-In for Office. However, in certain cases (for example, if you are working with schedule data or if you want to display data in PivotTable format), you should use Longview for Excel.

IAS and ASC

IAS 12 (International Accounting Standard) is the IFRS (International Financial Reporting Standard) used for income taxes in most areas of the world. The other common standard is ASC 740 (US GAAP), which is used predominantly in the United States. Tax Provision supports both the IAS 12 and ASC 740 tax standards.

Due to the differences in standards, the Tax Provision process varies depending on the standard used by your entity. Tax users typically have access only to the relevant input templates and reports for their entity’s tax standard.
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