Information processing method for managing and determining tax provision information

A multi-user information processing method for a multi jurisdictional entity for managing said entity's tax provision based on data originating from at least one jurisdiction, comprises:

• a. collecting said data from each jurisdiction of said multi jurisdictional entity;
• b. transforming said data into transformed data;
• c. storing said transformed data for determining the tax provision of said multi-jurisdictional entity in a source database, wherein said tax provision comprising current and deferred tax provision, which are estimated tax expenses that may be later adjusted based on required changes to the entity's filed tax return, for its tax return to be filed for the current year, and that are certain to come due in the future, respectively;
• d. calculating said tax provision of said multi-jurisdictional entity in accordance to a predetermined, non-governmental, accounting standard from said transformed data stored in said source database;
• e. storing said tax provision of said multi jurisdictional entity as determined by said calculating means in a transformed database;
• f. producing reports for the entity's financial statement to be filed with and as required by a regulatory authority using said tax provision from said transformed database;
• g. accessing said source database and said transformed database by said plurality of users;
• h. testing different scenarios of said tax provision for tax planning purposes by changing said tax provision stored in said transformed database;
• i. automatically tracking the changes made to said tax provision stored in said transformed database for reconciliation of said tax provision to the filed tax return;
• and
• j. automatically tracking the origination of said tax provision to support the financial statement to be filed with the regulatory authority