What global tax initiatives could mean for your company

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10/06/20

Tune-in to find out what's behind the OECD’s base erosion and profit shifting project and what it all means for financial statement preparers.

 

The OECD is an organization of member countries that set the framework for global policies in a number of areas. Recently, they have focused on developing guidance for equitable allocation of profits and what an appropriate minimum measure of taxation is for multinational companies. How will this affect a company's global business operations, and what does this mean for preparers of the financial statements? Let us fill you in.

Topics include:

  • 0:50 - Overview. Before getting into the details, we cover the basics: the role of the OECD and how the organization works.
  • 5:18 - Recent activity. We walk us through the specifics as we examine the two tax objectives: equitable allocation of profits and a worldwide minimum effective tax rate.
  • 19:49 - Use of financial statement. Both objectives propose to utilize financial statements for a tax base. We discuss the challenges with this approach.
  • 26:08 - Adjustments to financial reporting. What adjustments to the financial statements might be required? We touch on a few of the areas that would need to be considered.
  • 34:31 - What’s next? There are still many questions for the OECD to work through. We close by talking through the next steps.

About our guests

Jennifer Spang is a tax partner in PwC's National Office specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Pat Brown is the PwC Washington National Tax Services co-leader. Prior to joining PwC, he spent 16 years in the private sector, including a role as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel.

About our host

Heather Horn is PwC's National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Contact us

Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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