Enterprise Tax Reporting
Solution Details
The Enterprise Tax Reporting module is a tax offering which underpins all your tax provisioning (IFRS or USGAAP), CbCR and Pillar 2 requirements.
Key Features
Enterprise Tax Reporting is a sophisticated set of modules built natively within OneStream which can be implemented individually or collectively to enhance your tax operations in relation to:
- Tax Provisioning and Consolidation
- Country by Country Reporting
- Pillar 2
(Additional modules are in developed covering topics such as transfer pricing and tax within ESG)
Tax Provision+
Tax Provision+ supported by BDO’s global tax network, is a fully compliant IFRS and US GAAP reporting offering which seamlessly integrates with other OneStream financial consolidation, reporting and account reconciliation modules to provide a complete tax provision solution.
It is a sophisticated system which enhances the original provisioning package provided within OneStream to allow for alternative reporting approaches to be adopted (profit and loss or balance sheet), much greater levels of granularity, and enhanced control over the underlying calculation components. The module also leverages enhanced levels of reporting (aligned with both IFRS and US GAAP best practice) as well as modelling capabilities.
Taking and enhancing the original design, creating a module which is comparable to any of the leading 3rd party enterprise grade tools, replacing your current spreadsheet approach or removing the need to separately license an external product. A fully compliant global tax provision solution, completely native to OneStream.
Output reports not only support consolidated reporting, but also statutory and management reporting requirements (e.g. reporting on underlying vs. exceptional).
Key features include:
- Deferred tax not recognised (IFRS) or valuation allowances (US GAAP) tracking on an account-by-account basis.
- Detailed Other Comprehensive Income items analysis
- Rules-driven calculations to reconcile any differences in the FX methodologies between the finance and tax processes
Country by Country Reporting
Country by Country Reporting again with the tax content and calculations supported by BDO’s global network, this module allows for the collation and reporting of relevant underlying data held natively within OneStream and other supplementary systems to support annual reporting requirements. Providing full granularity over data from relevant sources the configured system will automate the calculation process to produce tables 1, 2 and 3.
This module when used in conjunction with the Pillar 2 module will form the basis for the safe harbour analysis, assuming the data creates a qualifying return utilising actual year data.
The module does not support the final XML conversion of the outputs.
Pillar 2 is a full end to end solution with the tax calculations supported by BDO’s global network. It uses native OneStream functionality to seamlessly integrate with other OneStream modules (e.g. financial consolidation, tax provision+, country by country reporting etc.) to collate and analyse the necessary data points to manage all your Pillar 2 and full GLOBE calculations including:
- Transitional and Permanent Safe Harbour calculations/analysis
- GloBE Income or Loss calculations
- Adjusted Covered Tax calculations
- ETR and Top-up Tax calculations and allocations
- Income Inclusion Rule (IIR) Allocations
- Undertaxed Payment Rules (UTPR) allocations
All model rules will continue to be maintained by BDO with inlumi ensuring all OneStream technical updates are included.
Implementation Services
Implementation services are available via approved (OneStream) implementation partners, or directly via BDO or inlumi.