The FASB, together with the IASB is working on a new regulation that would modify several income tax accounting rules. This would reconcile the distinctions between FAS 109 and IAS 12 resulting in improved accounting methods for income taxes of companies. An exposure draft is expected to be released in the second quarter of 2008. Companies are encouraged to take note of the amendments as they would serve as effective guidelines in the preparation of their financial statements.
The Knowledge Congress is producing a two-hour webinar aiming to discuss the important aspects, as well as the impact of this joint undertaking to affected industries. Industry experts and government regulators are scheduled to speak at this event.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 083755
Shea Malcolm
Practice Fellow
Anne McGeachin
Senior Project Manager
Charles C. (Chester) Abell, Jr.
Director of Tax Accrual Services, Tax Accounting and Risk Advisory Services
Shea Malcolm, Practice Fellow, Financial Accounting Standards Board (FASB)
Anne McGeachin, Senior Project Manager, International Accounting Standards Board (IASB)
- Introduction to income tax convergence project and expected IASB timetable
- FASB’s path forward on convergence in general and income tax project in particular
- Issues on which the IASB decided to converge on the SFAS 109 requirements
- Issues on which the FASB decided to converge on the IAS 12 requirements
- Remaining differences between the proposed amended IAS 12 and SFAS 109 (i.e. share-based payments and uncertain tax positions etc)
- Discuss loss of interpretive literature and principles based standard vs. rules based and wealth of interpretive guidance
Charles C. (Chester) Abell, Jr., Director of Tax Accrual Services, Tax Accounting and Risk Advisory Services, Ernst & Young LLP
- The FASB/IASB convergence project and SEC focus on IFRS show that there is a clear trend toward a common international accounting standard
- Companies should take a close look at the tax-related effects of changes in non-income tax accounting policies that occur as part of the FASB/IASB convergence project
- On an on-going basis, IFRS conversion will change the face of the balance sheet and the determination of accounting income, which serve, in most cases, as the starting point for both current and deferred tax expense.
- In addition, changes in accounting policies may affect tax return accounting methods, state and local taxes, transfer pricing, and international tax positions.
- Tax accounting, planning, compliance and controversy may be affected by IFRS conversion depending on the nature of the specific change.
- IFRS conversion may require the tax function to update and change existing processes and controls, reconfigure and modify financial and tax systems, and to train tax resources, local controllers and outside service providers that support the tax function.
- CPAs
- Accountants
- Tax Managers/Executive
- Tax Attorneys
- Internal Audits
- CFO's
- Financial Planners and Executives
- Tax Consultants
This is a must attend event for anyone interested in understanding the related issues and developments on FAS 109 & IAS 12.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A