IFRS issues paper released
An officials' issues paper released today considers the tax consequences of adopting international financial reporting standards. It looks at areas where tax law is currently aligned with specific accounting standards or GAAP and suggests changes to the relevant tax rules, to ensure continued alignment under IFRS. Suggestions include policy changes to the taxation of financial arrangements, to bring their tax treatment more into line with their financial reporting treatment, and more detailed changes to the trading stock, R&D and revenue recognition rules. For more information see "The tax consequences of adopting international financial reporting standards".