Tax impact of IFRS conversion

While the movement to IFRS will principally be driven by financial reporting considerations, many domestic and international tax issues will be raised during the conversion. In order to proactively plan for these tax issues, it will be important for tax executives to begin analyzing and understanding the impact that IFRS will have on the global tax function.

Potentially significant tax considerations include:
  • Significant US GAAP vs. IFRS differences
  • First-year reporting requirements under IFRS 1
  • Cash taxes — both US and non-US
  • Domestic and international tax planning
  • Transfer pricing
  • Tax processes, systems, and controls
To understand how each of these tax considerations will be impacted by an IFRS conversion, please visit Converting to International Financial Reporting Standards: Planning considerations for US tax executives.