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IFRS Convergence: What U.S. Tax Executives Need to Know NOW


IFRS Convergence: What U.S. Tax Executives Need to Know NOW
$249
Webinar
Product Code - TMA60
Speaker(s): Cyndi Lafuente, Tony Sadler (or Adeline Chan), Aaron Anderson, Ken Kuykendall, Steve Burkholder
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The global advancement of International Financial Reporting Standards (IFRS) is continuing to occur in jurisdictions all over the world. Several jurisdictions, including the United Kingdom, Brazil, Japan and the United States, have taken or are in the process of taking steps to require or permit the use of IFRS for financial and/or statutory reporting purposes.

In fact, the US Securities Exchange Commission (SEC) is slated to make a decision on whether and how to incorporate IFRS into the US financial reporting system before the end of the calendar year. Beyond formal adoption of IFRS, the FASB and IASB are continuing to progress with their initiative to converge a series of US GAAP and IFRS accounting standards, including revenue recognition and leases.

As a result, the tax functions of many U.S.-based multinationals must now incorporate and/or prepare for IFRS in their planning and accounting, as well as their processes, systems, and controls. Regardless of how the SEC proceeds with IFRS in the U.S., tax executives need to know how IFRS is impacting their tax functions now — in their subsidiaries, as well across the entire organization — and what they can do to mitigate unforeseen implications and identify potential opportunities.

This presentation will focus on the following:

  • The status of IFRS in key jurisdictions around the globe
  • The status of the FASB and IASB convergence initiative
  • How taxing authorities in U.S. and non-U.S. jurisdictions are addressing IFRS
  • What Tax departments need to consider as they transition to IFRS
  • Best practices related to IFRS readiness efforts within tax functions

The dialogue will feature a mixture of perspective on the tax implications of IFRS, including thoughts from the U.S. and U.K. taxing authorities, a Fortune 50 Company, and the leader of a Big Four accounting firm's tax accounting services practice.

 

Presentation Objectives:
The objectives of this 60-90 minute audio discussion include providing participants with a conceptual understanding and practical application of the following:

  1. The status of IFRS in key jurisdictions around the globe
  2. The status of the FASB and IASB convergence initiative
    • Key standards included on the Boards' agenda
      • Revenue recognition
      • Leases
    • Current timeline
  3. How taxing authorities are addressing IFRS
  4. Tax function considerations associated with transitioning to IFRS
    • Cash taxes
    • Tax accounting methods
    • Tax planning
    • Transfer pricing
    • Tax processes, systems, and controls
  5. Best practices related to IFRS readiness efforts within tax departments

Upon completion of this program, participants will be able to:

  1. Understand which key jurisdictions around the world are currently transitioning or have a plan to transition to IFRS
  2. Understand the proposed changes to key standards included in the FASB and IASB convergence agenda, including revenue recognition and leases
  3. Understand how taxing authorities around the globe are addressing IFRS, including the US
  4. Understand how an organization's tax department could be — or is already — impacted by the transition to IFRS in each jurisdiction in which the company operates
  5. Understand best practices related to IFRS readiness efforts within tax departments


Prerequisite: None

Level: Intermediate to Advanced

Delivery Method: Group Live

Recommended CPE Credit: 1 credit

Learn more about BNA's NASBA Registration

CLE credits where available

Cancellation policy
To cancel your registration for this event, you must contact Customer Service (800-372-1033, option 6, Mon.-Fri., 8:30am-7pm ET, excluding most federal holidays) no later than 24 hours prior to the scheduled start of the audioconference. You will receive a CD or tape of the Audioconference or a credit valid for one year. Your credit may be applied toward the purchase of any BNA product or audioconference.

Cyndi Lafuente, Tony Sadler (or Adeline Chan), Aaron Anderson, Ken Kuykendall, Steve Burkholder

Cyndi Lafuente, Senior Advisor to the Deputy Commissioner (International) Large Business & International at Internal Revenue Service


Tony Sadler (or Adeline Chan), HM Revenue & Customs, CT, International and Anti-Avoidance, Financial Product and Services Team


Aaron Anderson, Director IFRS Policy & Implementation, IBM Corporation


Ken Kuykendall
, Partner - PricewaterhouseCoopers LLP, U.S. Tax Accounting Services and IFRS Tax Leader


Steve Burkholder
, Senior Correspondent, Daily Tax Report