The Pillar Two rules are expected to have a significant impact on the income tax provision and external audit process once they go live in the first quarter of 2024.

In this episode, KPMG Department of Professional Practice partner Matt Drucker, and Danielle Matthews, who is on rotation in the KPMG Department of Professional Practice, stop by to explain how to account for Pillar Two, discuss disclosures that may be required before the rules take effect, and highlight key areas that the external auditor is likely going to focus on, including what they may be asking for.

We close the episode by asking Matt and Danielle to put on their coaching hats and provide some practical tips on what companies can do now to facilitate a successful financial reporting and external audit process.