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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Pillar two might be top of mind for many multinational companies, but the huge variations between countries’ readiness means getting ahead of the game now, argues Russell Gammon, chief solutions officer at Tax Systems.