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.
Work on the G20 / OECD base erosion and profit shifting (BEPS) project has entered a new phase with the presentation of implementation guidance to a meeting of G20 finance ministers this week.
G20 finance ministers will hear about the OECD's three-pronged approach to implementation of the BEPS Action Plan at their meeting in Istanbul on Monday and Tuesday of next week (February 9 and 10).
