This whitepaper is the fifth in a series of whitepapers to be used as a resource in understanding and analyzing the accounting for income taxes under FASB Accounting Standards Codification (ASC) 740, “Income Taxes”. This whitepaper addresses income tax reporting for interim periods within an annual period. This requires an understanding of how to calculate an estimated annual effective tax rate (AETR), and identifying discrete items, which are not reflected in the AETR, but rather reflected in the period incurred. This whitepaper does not address every aspect of accounting for income taxes and should therefore be read in conjunction with ASC 740.
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