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2024

June 21, 2024

Release notes highlight new features and improvements made to ONESOURCE Tax Provision Classic.

New features

Deferred Rate Change options
  • You can now:
    • Move the
      Rate Change
       column anywhere among the columns
    • Inherit the name and position of the subtotal (adjusted beginning balance) column
    • Define by class how to assign
      FX rate change
      ,
      Tax rate change
      , and
      Tax rate impact
      .
  • The new columns for
    FX rate change
    ,
    Tax rate change
    , and
    Tax rate impact
     next to the grid default to the existing behavior.
    • FX rate change
       and
      Tax rate change
       default to the rate change column.
    • Tax rate impact
       will default to
      Deferred
      .
Terminology change
In the
More
 and
Administration
 menus available from
My Dataset
:
Manage NOL Rollforwards
 is now
Manage Tax Loss Rollforwards
.
Deferred balances
  • Expanded Balance Sheet:
    • You can now assign
      Tax rates
       and
      FX rates
       to the
      Rate Change
       column or any other column, except for the designated subtotal column. The
      Rate Change
       column is visible in the
      Deferred
       and
      Tax Loss Rollforward
       columns, making it movable.
    • Previously, the
      Rate Change
       column was fixed in the 2nd position immediately after
      Beginning Balance
       and calculated the
      Rate Change
       based on the
      Beginning Balance
      .
    • Now, after introducing the
      Rate Change
       column in the
      Deferred
       and
      Tax Loss Rollforward
       list, you can move the
      Rate Change
       column and place it anywhere before the
      Ending Balance
      . The
      Rate Change
       will revalue all the columns placed before it.
    • Currently, all columns are stated at the ending tax rate and ending FX rate, except for the
      Beginning Balance
      . When you move the
      Rate Change
       column to a new position, all columns before the
      Rate Change
       column will be stated at current tax and current FX rates (except
      Beginning Balance
      ).
  • Expanded Income Statement:
    • The new balance sheet adjustment section shows the tax rate change differences when the
      Tax rate impact
       setting is set to
      Balance Sheet Only
      .
    • The new section continues to use ending FX rates on all columns, as
      Currency Translation
       occurs before this section.
Deferred Workpaper
  • We've added Report Options for
    View
     and
    Unit Breakout
    .
  • View
     options now include
    Summary
     and
    Detail
    .
  • Unit Breakout
     options now include
    None
     or
    All
    .
  • Summary
     view with
    Unit Breakout
     set to
    None
     is the original view of this report before you select new options.
  • Summary
     view with
    Unit Breakout
     set to
    All
     corresponds to the version available in the Plug-in reports called
    Deferred Workpapers By Unit
    .
  • Use
    Detail
     to view 4 sets of columns for Balance Sheet or Income Statement, Pre-Tax, and Tax-effected in both Beginning and Ending Balance sections.
    • The determination of which column amounts appear is based on selections made in the
      Tax Rate Impact
       setting within
      Manage Deferred
       and
      Tax Loss Rollforward
      , where
      Deferred
       equals Income Statement and Balance Sheet Only equals Balance Sheet.
The following limitations apply:
  • These changes won’t apply to Tag Datasets.
  • You can't rename or delete the
    Rate Change
     column.
  • The Deferred Balances Legacy Report won’t show the additional columns in the expanded Income Statement view.
  • You can still use up to 30 columns in the rollforward, including
    Beginning Balance
    ,
    Ending Balance
    ,
    Rate Change
    , and a designated subtotal column. When you add the 28th column in
    Manage deferred rollforward
    , you'll need to designate it as a subtotal column.
  • If your dataset already includes a column named
    Rate Change
     before this release, it will function like any other named column. You can designate it as the
    Rate Change
     column by using
    Copy from Admin
     or
    Import
    .

Known issues

  • In the Column Breakout report options on
    Deferred Balances (expanded Balance Sheet)
    , the
    Rate Change
     appears twice. Use the 2nd to receive results.
  • The designated subtotal column is visible in the Column Breakout report options on
    Deferred Balances (expanded Balance Sheet)
    , but is not yet functional.
  • The new
    Tax Rate Impact
     dropdown in the
    Manage Deferred
     and
    Tax Loss Rollforward
     is not yet functional.
  • In a class dataset, the column designated as a subtotal in the
    Deferred Balances (expanded Balance Sheet)
     will initially appear 1 column after its expected position. However, when you view the
    Manage Deferred Rollforward
    , the report will then display the column in the correct position.

ONESOURCE Tax Provision Global Access

  • We've removed the dependency on AWS AppStream for Global Access. You will no longer be redirected to AppStream when you open Global Access.
  • You no longer need to save to a temporary folder before you can access a file when using
    File
    Save
     and
    Download
    .
  • Global Access will now work using any modern browser.
  • The changes made to the
    Deferred Workpaper
    ,
    Deferred Balance Expanded Income Statement
    , and
    Deferred Balance Expanded Balance Sheet
     reports are also implemented for Global Access.

This article applies to:

  • Product: ONESOURCE Tax Provision