BAE Systems has followed Alcoa’s recent example and successfully negotiated an Annual Compliance Agreement (ACA) with the Australian Taxation Office (ATO).
Annual compliance agreements are gaining in popularity in Australia as a means of achieving certainty for taxpayers and improving their relationship with the Australian Taxation Office (ATO). Alan Osborne, finance director of BAE Systems Australia, tells International Tax Review why his company became the latest company to have one.
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.
