Corporate Taxes, Accounting Standards

Segments, Taxes, SAB 74 and More

WilmerHale on 1/11/2024

The Financial Accounting Standards Board (FASB) was quite active at the end of 2023 and published two notable Accounting Standards Updates (ASUs) that are expected to meaningfully affect public company disclosures regarding...more

A wolf in sheep’s clothing? IRS provides long-awaited capitalization guidance for natural gas companies

Eversheds Sutherland (US) LLP on 4/19/2023

In recently issued Rev. Proc. 2023-15, the IRS provides a safe harbor method of accounting under which taxpayers may classify costs to repair, maintain, replace, or improve natural gas transmission and distribution property...more

Renewed Interest in Synthetic Leases - A Refresher and Changes Under the New (ASC 842) Lease Accounting Standard

King & Spalding on 6/27/2019

A synthetic lease is a financing technique structured to be an operating lease for the lessee’s financial accounting purposes and a financing for U.S. federal tax purposes. Synthetic leases are most often used in acquisition...more

Tax Considerations for Energy Companies When Implementing New Lease Standards Under ASC 842

Opportune LLP on 7/11/2018

On February 25, 2016, FASB issued its new lease accounting standard update (ASU) No. 2016-02, Leases, which codified ASC Topic 842 (Topic 842). Topic 842 is effective for calendar year-end public companies on January 1, 2019....more

IRS Issues Taxpayer Favorable Change of Accounting Method Procedures to Align with New Revenue Recognition Standards

Opportune LLP on 6/8/2018

On May 28, 2014, FASB and IASB jointly announced new financial accounting standards for revenue recognition, titled “Revenue from Contracts with Customers (Topic 606).” For publicly-traded entities, Topic 606 was required to...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 2/2/2018

Interagency Statement on Accounting and Reporting Implications of the New Tax Law - On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal...more