Global trends and recent regulatory signals indicate that it's not a matter of if US companies will have to convert to IFRS, but when. With an inevitable conversion looming, companies should start thinking about IFRS now — including what it will mean to their business; who will be impacted and how; and when it makes sense to begin conversion.
IFRS: The right move toward convergence: What IFRS will mean to US tax executives will assist you in understanding the related tax considerations and discussing IFRS with other functional leaders within your company. This publication outlines the tax-specific considerations of IFRS including:
Impact of pre-tax income and differences in tax accounting on a company's reported effective tax rate
Impact of differences in pre-tax income on a company's cash taxes in both the US and foreign jurisdictions
Implications of changes to accounting systems, processes and controls on various tax reporting and compliance needs
Need to train and develop resources to help manage the change to IFRS
