Thomson Reuters Corp. (TRI,TRI.TO) said that its Tax & Accounting business recently received a patent from the United States Patent and Trademark Office for creating a system to determine a company's tax provision - a crucial component of a company's financial statement.
The patent covers ONESOURCE Tax Provision, the company's industry-leading tax provision software utilized by multinational organizations, to automate and reduce costs and complexity associated with the preparation and reporting of the tax provision in financial statements.
As a global tax provision platform, ONESOURCE Tax Provision manages and automates the data collection & storage, calculation, and reporting associated with the tax provision for US GAAP and IFRS filers, the company noted.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.