The final SEC staff report on the use of International Financial Reporting Standards (IFRS) within the US does not include a recommendation for when and how they should be introduced, disappointing the body charged with enabling the convergence of accounting standards globally.
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Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort