The Russian government is targeting 2018 as the year when all companies in Russia will have to use international financial reporting standards (IFRS), a government minister has said.
A change to how companies account for US income taxes could be in the offing after the Financial Accounting Foundation (FAF) announced a post-implementation review of FAS 109, the financial accounting standard for income taxes in US Generally Accepted Accounting Principles (GAAP).
The US has achieved a significant result in its efforts to clamp down on tax evasion by its entities and citizens around the world by persuading Switzerland to sign a bilateral agreement for the implementation of the Foreign Account Tax Compliance Act (FATCA).
Companies in the UK, even if they are not tax resident, will have to certify that they have been tax compliant for the previous 10 years before they can compete for government contracts, under new proposals introduced today.
A consultation has revealed that multinational companies, accounting firms and standard setters want IAS 12, the international accounting standard for income taxes, to change but few are in favour of tearing it up and starting again.
