TITLE

Tax Trends

AUTHOR(S)
Cummings, Rocky
PUB. DATE
January 2009
SOURCE
Journal of State Taxation;Jan/Feb2009, Vol. 27 Issue 2, p11
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the impacts of the tax reporting and transitioning shift from the U.S. Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS). In November 2008, the proposed "Roadmap" for the transition from U.S. GAAP to IFRS was released by the Security and Exchange Commission but it did not give any specific conversion date. It describes the IFRS as a set of accounting standard issued by the International Accounting Standards Board and is becoming the worldwide accounting standard of choice. The shift to IFRS has an impact to state taxation that affects the areas of concern including the calculation of apportionment factors, changes in computing balance sheet items and the net-worth taxation.
ACCESSION #
39775097

 

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