The forthcoming draft Accounting Standards Update (ASU) on share-based payment, also known as stock-based compensation, from the Financial Accounting Standards Board (FASB) in the US will propose revisions relating to the representation of tax benefits and deficiencies in the income tax expense and statement of cash flows. However, the changes are unlikely to bring US Generally Accepted Accounting Principles (GAAP) closer to IFRS (International Financial Reporting Standards) on this issue.
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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