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16.10 Private company considerations (after adoption of ASU 2023-09)
Publication date: 31 May 2024
us Financial statement presentation guide
The tax-related disclosures required for non-PBEs differ from those required for PBEs.
Non-PBEs are not required to numerically reconcile the statutory and effective rates (see FSP 16.6.2) or provide the approximate tax effect of each type of temporary difference and carryforward that gives rise to significant deferred tax assets and liabilities (see FSP 16.4.1). However, a non-PBE must disclose the nature and effect of the specific categories of reconciling items and individual jurisdictions that result in a significant difference between the statutory tax rate and the effective tax rate reconciling items (see xx for description of specific categories) as well as a description of the significant temporary differences and carryforwards in accordance with ASC 740-10-50-13.
Non-PBEs are not required to include the following disclosures:
- Tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the reporting date
- The net difference between the tax bases and the reported amounts of assets and liabilities when they are structured as nontaxable entities
In addition, the requirement to disclosure required information about tax holidays granted for a specific period in a foreign jurisdiction under SAB Topic 11.C (codified in ASC 740-10-S99-2) is only applicable to SEC registrants.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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