Key UK tax and accounting compliance initiatives, such as the tax code of conduct for banks and the Senior Accounting Officer (SAO) legislation, as well as International Financial Reporting Standards (IFRS), are all in the sights of the panel set up by the Parliamentary Commission on Banking Standards (PCBS) to look at tax, audit and accounting.
BAE Systems has followed Alcoa’s recent example and successfully negotiated an Annual Compliance Agreement (ACA) with the Australian Taxation Office (ATO).
The International Accounting Standards Board (IASB), which is responsible for the development of international financial reporting standards (IFRS), has dashed the hopes of those hoping for better and more transparent rules on accounting for income taxes by saying no to work on a new standard and ruling out a requirement for country-by-country reporting.
Attempts to converge International Financial Reporting Standards (IFRS) with US accounting rules should end, with the International Accounting Standards Board (IASB) concentrating instead on better IFRS implementation around the world and encouraging those countries that do not allow their use yet, such as China, to do so.
Tax professionals on the IRS Advisory Council (IRSAC) have identified streamlining the audit process and managing knowledge in the issue practice groups and international practice networks as important tax administration topics for large businesses in the US.
