medium · Financial Accounting accounting-cycle-financial-statements

Under ASC 740, 'Intraperiod Tax Allocation' requires that income tax expense be:

1. Allocated among different components of the income statement and OCI.
2. Paid in equal quarterly installments directly to the IRS.
3. Allocated between the current period and future periods via deferred taxes.
4. Averaged evenly over the four quarters of the company's fiscal year for reporting.

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