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.
Jamaica has become the latest jurisdiction to raise the possibility of concluding a bilateral agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA).
Despite coming under pressure for a commitment to International Financial Reporting Standards (IFRS), the leaders of the G20 were low-key in their support for global accounting standards on June 18 and 19.
The G20 should commit to the adoption of International Financial Reporting Standards (IFRS) around the world and examine and improve how taxes are assessed and collected.
What is meant by promotion and facilitation is the subject of the latest guidance from HM Revenue & Customs in the UK on the application of the Code of Practice on Taxation for Banks.
