Belgian corporate tax reform (substantively) enacted
On 22 December 2017, the Belgian Parliament has approved the Belgian tax reform bill. This bill has been published in the Belgian Official Gazette on 29 December 2017 and was signed by the Belgian King on 25 December 2017. Consequently, the Belgian tax reform has been substantively enacted for IFRS (IAS 12) on 22 December 2017
Uncertainty over Income Tax Treatments: IFRS
The IASB recently issued a new Interpretation on Uncertain Tax Treatments (IFRIC 23). In short, it is the IFRS equivalent of the US GAAP Interpretation, ASC 740 (formerly FIN 48). IFRIC 23 was ratified in the IASB meeting on 16-17 May 2017, and issued on 7 June 2017. It will be effective for annual reporting
Brexit and IFRS Tax Accounting
A little over nine months after British voters chose to withdraw from the EU, Britain took a decisive, and likely irreversible, step on Wednesday 29 March 2017 by giving formal notice of its intention to leave the EU. This notice will trigger the process of negotiating the UK’s exit, which is likely to last at
Belgian Accounting Standards Commission issues opinion on Belgian GAAP treatment of discounting deferred taxes
The Belgian Accounting Standards Commission (‘CBN/CNC’) has considered whether deferred taxes on capital grants and realised capital gains can – from a Belgian GAAP perspective – be recognised in a company’s balance sheet at the discounted value of the deferred tax. Under Belgian GAAP, deferred taxes should be recognised in a company’s balance sheet at
ESMA report on enforcement and regulatory activities of accounting enforcers in 2015
This report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA) (hereinafter ‘European enforcers’), when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2015. It also provides an overview
Global Tax Accounting Services Newsletter (October-December 2015)
The topics featured in this edition are among others: accounting and reporting updates recent and upcoming major tax law changes key tax accounting areas for year-end
Uncertainty over Income Tax Treatments under IFRS
On 21 October 2015, the IFRS Interpretations Committee (‘IFRS IC’) published for public comment an Interpretation on how uncertainty over income tax treatments should affect the accounting for income taxes. In short, it is the IFRS equivalent of US GAAP Interpretation ASC 740-10 (formerly FIN 48). Whilst the Interpretation is currently only in draft form,
FASB redeliberates two proposed Accounting Standards Updates
During the 5 October 2015 Board meeting, the Financial Accounting Standards Board (‘FASB’) discussed external feedback received and began redeliberations on two proposed ASU’s: Income Taxes (Topic 740): Intra-Entity Asset Transfers, and Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In evaluating the intra-entity asset transfers topic, the Board asked the staff to
