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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