The road to a new global financial accounting standard for revenue recognition got shorter last week after the Financial Accounting Standards Board (FASB) voted to authorise the preparation of a final version of its work. The International Accounting Standards Board (IASB) is set to follow next week.
US business leaders have called on the Internal Revenue Service (IRS) to go easier on taxpayers striving to comply with reporting requirements under the Patient Protection and Affordable Care Act, more popularly known as Obamacare, because of worries about financial and administrative burdens, including the duplication of information.
Business leaders believe the Australian government’s decision to reject or amend some of the tax changes announced by the previous Labor administration will reduce compliance burdens and boost certainty for taxpayers.
Michael Devereux, the director of the centre for business taxation at the University of Oxford, has described the international tax system as “a confused, complex mass of arbitrary, arcane and illogical rules”.
