The FASB proposes two Accounting Standard Updates on income taxes
As part of a simplification initiative, the Financial Accounting Standards Board (‘FASB’) issued an exposure draft of two proposed Accounting Standard Updates (‘ASUs’) relating to the accounting for income taxes of the following items: Intra-Entity Asset Transfers Currently the buyer and the seller involved in intra-entity asset transfers are generally required to defer the income
Global Tax Accounting Services Newsletter (October-December 2014)
This release provides an update on a variety of accounting and reporting developments, including: an update on income tax accounting topics added to the Financial Accounting Standards Board’s agenda recent International Financial Reporting Standards Interpretation Committee’s (IFRS IC) guidance on some tax-related matters state aid developments enforcement priorities in relation to 2014 IFRS financial statements recently released
ESMA issues new enforcement priorities for 2014
The European Securities and Markets Authority (the ESMA) has published its European Common Enforcement Priorities (the Priorities) for 2014. These Priorities identify topics that the ESMA, together with European national enforcers, see as a key focus of their examinations of listed entities’ IFRS financial statements. The aim of the common enforcement priorities is to achieve a high
Exposure Draft: Recognition of DTA for Unrealised Losses (IFRS)
The IASB has proposed amendments to IAS 12 on deferred tax asset recognition for debt instruments measured at fair value. The exposure draft also suggests a new illustrative example. The comment period ends on 18 December 2014. The exposure draft proposes to clarify the following: unrealised losses on debt instruments measured at fair value and
Global Tax Accounting Services Newsletter (July – September 2014)
In this release we provide an update on a variety of accounting and reporting developments, including: an update on the income tax accounting topics added to the Financial Accounting Standards Board’s agenda amendments proposed to the International Accounting Standard 12 Income Taxes recent International Financial Reporting Standards Interpretation Committee’s guidance on some tax-related matters, and
FASB adds income tax accounting topics to its agenda
During its Agenda Prioritisation meeting on 13 August, 2014, the Financial Accounting Standards Board (FASB) added the following two income tax accounting topics to its agenda as part of its broader simplification initiative: Possible elimination of the exception for recognising deferred taxes on certain intercompany transactions under ASC 740-10-25-3(e); and Possible classification of all deferred tax
BASC published final advice 2014/8 on the Belgian GAAP treatment of the Fairness Tax
Following the draft advice published on 2 April 2014, the Belgian Accounting Standards Commission (BASC) issued advice 2014/8 on the Belgian GAAP treatment of the Fairness Tax. This advice confirms what was stated in the draft version of the advice. In brief, the final version of the advice confirms that the Fairness Tax should follow
European Commission launches public consultation on IFRS
The European Commission is holding a public consultation to seek views from all interested parties on their experience of Regulation 1606/2002 (“the IAS Regulation”). The results of this public consultation will feed into the European Commission’s evaluation of the IAS Regulation. The IAS Regulation states that the IFRS must be applied to the consolidated financial
