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 accounting standards will change in the UK and Ireland as a result of the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC).
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.
The US has published the final template for inter-governmental agreements (IGA) with foreign jurisdictions to implement the Foreign Account Tax Compliance Act (FATCA).
