Malaysian taxpayers that were allowed to delay adopting International Financial Reporting Standards (IFRS) have been given more time before they have to start using the accounting rules.
Now that the UK Finance Bill has passed its final stage in the House of Commons, the cut in corporation tax has implications depending on the accounting standards or principles a company uses.
The good news for taxpayers in the draft guidelines for the implementation of general anti-avoidance rules (GAAR) in India is that the measures will not be retrospective when they take effect from April 1 next year.
An unresolved sales tax liability related to its Vadinar refinery in the Indian state of Gujarat clouded the annual accounts presentation by Essar Energy, the natural resources company, just as another decision related to the issue went against it in the courts.
The resignation of the SEC’s chief accountant is likely to put back any decision by the US on IFRS convergence, said one of his predecessors in the role.
The US has added Japan and Switzerland, two key centres of international finance, to the number of countries that have agreed to pursue a bilateral agreement to implement the Foreign Account Tax Compliance Act.
