Overseas Earnings Disclosures Post-AJCA Repatriation Holiday
Overseas Earnings Disclosures Post-AJCA Repatriation Holiday
Author(s): Kevin A. DiehlSubject(s): Economy, Business Economy / Management
Published by: Vytauto Didžiojo Universitetas
Keywords: American Jobs Creation Act of 2004; dividend repatriation; holiday; tax disclosures; foreign earnings; permanent reinvestment; Accounting Principles Board (APB) 23;
Summary/Abstract: This article is examining whether another dividend repatriation holiday, which is now considered in US after the most recent holiday in 2004, is proper. Preceding the 2004 holiday, many Fortune 500 financial statements potentially misled the public. Many described earnings as “permanently reinvested” overseas, allowing omission of foreign tax expense under Accounting Principles Board (APB) 23. However, these earnings were not “permanently reinvested” overseas because they were repatriated the moment the holiday was enacted. The aim of this paper is to determine the degree to which US companies may have violated securities regulations. In that process then, whether they deserve another tax repatriation holiday as currently proposed can be more appropriately determined.
Journal: Taikomoji ekonomika: sisteminiai tyrimai
- Issue Year: 11/2017
- Issue No: 2
- Page Range: 31-40
- Page Count: 10
- Language: English
