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
Global Tax Accounting Services Newsletter (April– June 2014)
In this release, an update is provided on a variety of accounting and reporting developments, including: country-by-country reporting the OECD project on hybrid mismatch arrangements, and the new converged standard on revenue recognition recently issued by the Financial Accounting Standards Board and International Accounting Standards Board Your attention is also drawn to some significant tax
Challenges multinationals may face in completing the OECD’s country-by-country reporting template
On 30 January 2014, the Organisation for Economic Cooperation and Development (OECD) released a discussion draft on transfer pricing documentation and country-by-country reporting (CBCR) which included a template for reporting of income, taxes, and economic activity (CBCR template). The purpose of the CBCR template is to provide tax authorities with the information necessary to conduct
Global Tax Accounting Services Newsletter (January – March 2014)
In this Global Tax Accounting Services Newsletter an update is provided on a variety of accounting and reporting developments
BASC issues draft advice on the Belgian GAAP treatment of the Fairness Tax
The Belgian Accounting Standards Commission (BASC) was asked to provide guidance with respect to the accounting treatment of the Fairness Tax. The Fairness Tax is a separate tax of 5.15% (5% increased by 3% crisis surtax). This separate tax applies to a Belgian company (non SME) if: (i) the company has distributed dividends with respect
