{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/270/740/#05-overview-and-background","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"270","topic_title":"Interim Reporting","subtopic":"270-740","subtopic_title":"Income Taxes","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"270-740-05-1","para":"05-1","html":"
This Subtopic addresses the accounting and disclosure for income taxes in interim periods. The accounting requirements established in this Subtopic build upon the general requirements for accounting for income taxes established in Subtopic 740-10 as well as the intraperiod tax allocation process established in Subtopic 740-20.
","snippet":"This Subtopic addresses the accounting and disclosure for income taxes in interim periods. The accounting requirements established in this Subtopic build upon the general requirements for accounting for income taxes esta…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:32f47dbd3be9f22f70ab771c594957d1e0d95ccbabdd960a70687dac1dbd687c","downloaded_from":"2026-09-09T23:20:22.469Z","last_downloaded_at":"2026-09-09T23:20:22.469Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478716","source_sha256":"51fc20f4ee3af0dc5625a3c5620561695a62eb36f2cc3cf83de9f99721d3b4c9"}},{"citation":"270-740-05-2","para":"05-2","html":"
Subtopic 740-10 addresses the computation of total tax expense for an entity. Subtopic 740-20 addresses the process of allocating total income tax expense (or benefit) for a period to different components of comprehensive income and shareholders' equity.
","snippet":"Subtopic 740-10 addresses the computation of total tax expense for an entity. Subtopic 740-20 addresses the process of allocating total income tax expense (or benefit) for a period to different components of comprehensiv…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e1ee7221949a80ba48761ba04937113c72f80a8d0e39cf83a33cebca3bce6bca","downloaded_from":"2026-09-09T23:20:22.469Z","last_downloaded_at":"2026-09-09T23:20:22.469Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478716","source_sha256":"51fc20f4ee3af0dc5625a3c5620561695a62eb36f2cc3cf83de9f99721d3b4c9"}},{"citation":"270-740-05-3","para":"05-3","html":"
Because an interim period is a subset of a longer period, typically a year, incremental requirements for recognition and measurement are established by this Subtopic.
","snippet":"Because an interim period is a subset of a longer period, typically a year, incremental requirements for recognition and measurement are established by this Subtopic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3632ab5e29f4cdd329f2b18dba2b8b37edbb56cb3044407c50065c981686ad7b","downloaded_from":"2026-09-09T23:20:22.469Z","last_downloaded_at":"2026-09-09T23:20:22.469Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478716","source_sha256":"51fc20f4ee3af0dc5625a3c5620561695a62eb36f2cc3cf83de9f99721d3b4c9"}},{"citation":"270-740-05-4","para":"05-4","html":"
This Subtopic describes:
  1. a
    The general computation of interim period income taxes (see paragraphs
    740-270-30-1 through 30-9
    )
  2. b
    The application of the general computation to specific situations (see paragraphs
    740-270-30-22 through 30-28
    )
  3. c
    The interim period income taxes requirements applicable to significant unusual or infrequently occurring items and discontinued operations (see Section 740-270-45)
  4. d
    Special computations applicable to operations taxable in multiple jurisdictions (see paragraph 740-270-30-36)
  5. e
    Guidelines for reflecting the effects of new tax legislation in interim period income tax provisions (see paragraphs
    740-270-25-5 through 25-6
    )
  6. f
    Disclosure requirements (see paragraph 740-270-50-1).
This Subtopic also provides Examples and illustrations in Section 740-270-55.
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