September 29, 2022 - In Accounting and Audit standards
Accounting Standards Update (ASU) 2019-12 is effective for private companies with the calendar year end 2022 financial statements (effective for fiscal years beginning after December 15, 2021). The ASU makes narrow simplifications to income tax accounting which are mostly applicable to C-Corporations with specific circumstances (such as foreign subsidiaries, interim reporting, and other comprehensive income). However, ASU 2019-12 does have a few provisions which will impact some private companies that are largely pass-through entities. In this report, we discuss the

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