Oracle Tax Reporting (TRCS)

Tax Reporting is a comprehensive global tax provisioning solution for multinational companies reporting under GAAP (Generally Accepted Accounting Principles) or IFRS (International Finance Reporting Standards).

The solution covers all phases of the corporate tax preparation process, including tax automation, data collection, tax provision calculation, return-to-accrual automation, tax reporting and analysis, and country-by-country (CbCR) reporting.

Tax Reporting (TRCS) calculates your company’s global tax provision, effective tax rate and deferred tax for tax provision purposes. The application complies with the standards for accounting for income taxes under US GAAP and IFRS.

Tax Reporting can use the same platform as your corporate closing process and can therefore be directly integrated using the same metadata. As a solution, the consolidated pre-tax income can be reported by the legal entity to calculate the consolidated income tax provision. When Corporate Accounting finalizes the period-end closing and all required amounts – such as permanent and temporary differences, tax rates and exchange rates – Tax Reporting automatically calculates current and deferred income tax provisions by entity and jurisdiction.

From the accrual calculation, Tax Reporting (TRCS) creates a journal entry and a draft income tax balance sheet, complete with supporting schedules. The attached schedules detail the required disclosures in the income tax footnote to the financial statements, including: