IFRS and Tax Implications
Be prepared for another major change to tax operations
International Financial Reporting Standards (IFRS) are rapidly gaining acceptance around the world, spurring U.S. companies to assess the potential implications and benefits of adopting them. The conversion to IFRS impacts not only accounting but every key business decision. Tax departments are asking themselves: Are we ready for the change and prepared for the tax impact of IFRS? While the change to IFRS will take some time, it is not too soon to begin planning.
In a new report "International Financial Reporting Standards for U.S. Companies – Tax implications of an accelerating global trend," Deloitte discusses the tax accounting, planning and operational aspects of IFRS, including:
- Areas expected to converge and potential areas of divergence
- The need to reevaluate tax accounting methods
- The potential impact on global tax planning
- Transition and implementation issues
Learn more on the IFRS conversion in the full report attached at the bottom of this page.
As used in this document, ‘Deloitte’ means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.