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.
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).
The UK government may be eager to help financial institutions comply with the Foreign Tax Compliance Act (FATCA) but it has rejected a call to introduce its own version of the US law. At the same time, the UK said the G8, of which it is the president in 2013, would focus on tax evasion.
The US has published the final template for inter-governmental agreements (IGA) with foreign jurisdictions to implement the Foreign Account Tax Compliance Act (FATCA).
Tax directors will be called on to advise their business colleagues on some tricky structuring questions if a member of the eurozone is forced out of the currency union.
