IFRS, the current landscape for US tax executives

Tax accounting insights 01/09/2011 by Tax accounting services

The potential transition to IFRS in the United States has been an ongoing focus of the SEC over the past several years. As part of their current workplan, the SEC is analyzing the impact of IFRS on US issuers and whether, when, and how to incorporate IFRS into the US financial reporting system. Regardless of the ultimate SEC determinations on IFRS, other significant actions related to IFRS will impact the tax functions of US companies. In this Tax accounting insights, we inform US tax executives on the current landscape of IFRS, including the key tax considerations that may arise in the near-term as a result of the following current developments:

  • The potential statutory adoption of IFRS in jurisdictions outside the United States
  • The FASB/IASB joint “convergence” projects