Accounting–MNE Tax

Accounting

European Council advances directive on public country-by-country tax reporting

September 28, 2021

The Council of the European Union on September 28 adopted its position on the proposed directive that would require large multinationals operating in the EU to publicly disclose certain information on the income taxes they pay on a country-by-country . . .

Accounting

Groups urge FASB to prioritize public country-by-country tax reporting

September 23, 2021

The US Financial Accounting Standards Board should adopt in its standard-setting agenda a requirement for companies to report information in the notes to their financial statements on the disaggregation of country-by-country income tax, according to a September 22 letter signed by 63 organizations that . . .

Accounting

US IRS finalizes rules on qualified business asset investment calculations, NOL carrybacks

September 22, 2021

On September 21, the IRS published final regulations on calculating qualified business asset investment (QBAI) under the global intangible-low taxed income (GILTI) and foreign-derived intangible income (FDII) provisions, along with . . .

Accounting

FASB proposes accounting update on fair value for equity securities

September 17, 2021

The US Financial Accounting Standards Board (FASB) on September 15 outlined a proposal to clarify guidance on measuring the fair value of equity securities and to revise an example relating to contractual restrictions that prohibit the sale of an . . .

Accounting

US IRS priority plan adds tax projects on intangibles, hybrids, R&D

September 10, 2021

The US Internal Revenue Service priority guidance plan for 2021–2022, released September 9, lists several new corporate and international tax guidance projects for the coming year, supplementing . . .

Accounting

India announces rules for book profits tax relief related to APAs, secondary adjustments

September 1, 2021

Ashish Mehta and Sanket Shah, Khaitan & Co., discuss the Indian tax administration’s August 10 release of new rules for computing relief related to the tax on book profits in cases where there was an increase in book profits of a particular financial year on account of an advance pricing agreement (APA) or . . .

Accounting

US congressman seeks to delay change in R&D expensing rules

August 31, 2021

In an August 26 letter, Congressman John Larson (D-Conn.) urged House Ways and Means Chairman Richard Neal (D-Mass.) to include in the “chairman’s mark” of the budget reconciliation bill a four-year delay in the upcoming requirement for companies to amortize research and development (R&D) expenditures . . .

Accounting

European accounting group looking into different approach to intangibles

August 27, 2021

The European Financial Reporting Advisory Group (EFRAG) on August 27 released a discussion paper reviewing and seeking feedback on possible approaches to providing better information on intangibles . . .

Accounting

Russia clarifies R&D expense accounting for tax purposes, associated reporting

August 25, 2021

The Russian Ministry of Finance on July 20 published guidance on the procedure for accounting for research and development (R&D) expenses for income tax purposes under article 262 of the Russian tax code (Letter No 03-03-06/1/49733, dated June 24), and also covers . . .

Accounting

Dozen countries deemed ‘highly inflationary’ for accounting standard purposes

August 23, 2021

The Center for Audit Quality, in a report published August 20, flagged 12 economies as potentially highly inflationary for purposes of US GAAP Accounting Standards Codification (ASC) 830, Foreign currency matters.

Accounting

US IRS updates accounting method rules for taxable year of inclusion, credit card fees

August 12, 2021

On August 12, the US Internal Revenue Service outlined procedures (Revenue Procedure 2021-34) for obtaining automatic consent to change methods of accounting to comply with final rules issued in 2020 under Internal Revenue Code Section 451 relating to the taxable year of . . .

Accounting

IASB proposes amendment for insurers, European accounting group responds

August 9, 2021

The International Accounting Standards Board (IASB) on July 28 proposed a limited change to the transition requirements in International Financial Reporting Standards (IFRS) 17, Insurance Contracts, intending to address . . .

Accounting

South African tax bill would amend rules on interest deductibility, assessed losses

August 2, 2021

On July 28, the South African Revenue Service and National Treasury released various draft tax bills that would enhance the rules relating to the limitation on interest deductions on payments to persons not subject to tax and would restrict the set-off of the

Accounting

US IRS explains tax rules for MNE branch income in a foreign currency

July 28, 2021

A practice unit published by the US Internal Revenue Service on July 26 describes the rules applicable to US multinational enterprises that enter into foreign currency transactions through . . .

Accounting

FASB updates accounting standard for leases

July 23, 2021

A July 19 US accounting standards update from the Financial Accounting Standards Board (FASB) revises guidance related to a lessor’s accounting for certain leases with . . .

Accounting

European accounting group advises on deferred tax changes, seeks comments

July 15, 2021

The European Financial Reporting Advisory Group (EFRAG) on July 14 issued a draft letter to the European Commission recommending endorsing the amendments to international accounting standard (IAS) 12 regarding . . .

Accounting

US IRS explains steps to adjust for tax R&D costs reported in financial statements

July 9, 2021

A practice unit issued by the US Internal Revenue Service on July 7 walks through the steps for large business & international (LB&I) taxpayers to adjust research and development (R&D) expenses reported in . . .

Accounting

Australian Accounting Standards Board clarifies deferred tax recognition rules

July 8, 2021

The Australian Accounting Standards Board (AASB) on July 2 amended its guidance on accounting for deferred tax with respect to transactions that give rise to . . .

Accounting

FASB considering enhanced income tax disclosures on global tax risks

July 7, 2021

A June 24 consultation on US Financial Accounting Standards Board (FASB) priorities shows the group is looking into enhanced income tax disclosures, including . . .

Accounting

Ireland consults on tax rules relating to interest limitation, hybrids

July 7, 2021

On July 2, the Irish Department of Finance opened for comment tax statements on the anti-reverse hybrid rule and interest limitation ratio rule, which will transpose requirements of the . . .

Accounting

FASB asks members to give feedback on group’s priorities, goals

June 29, 2021

The Financial Accounting Standards Board (FASB) on June 24 urged members to share their views on the group’s future agenda priorities and goals . . .

Accounting

US IRS allows accounting method changes for depreciation of certain real property

June 23, 2021

On June 17, the US Internal Revenue Service provided guidance (Revenue Procedure 2021-28) explaining how a taxpayer changes its method of computing depreciation for residential rental property held by . . .

Accounting

Finnish court accepts US GAAP as basis for transfer pricing in landmark ruling

June 22, 2021

Heikki Vesikansa, Jenni Parviainen, and Stefan Stellato, Hannes Snellman Attorneys Ltd., discuss a key June 2 Finnish Supreme Administrative Court ruling (SAC 2021:73), confirming the acceptability of a foreign . . .

Accounting

UK guidance addresses income tax in interim periods

June 16, 2021

With the 2021 interim reporting season rapidly approaching, the UK’s Financial Reporting Council (FRC) has provided examples companies should follow . . .

Accounting

IASB proposes to overhaul ‘management commentary’

June 16, 2021

The International Accounting Standards Board (IASB) on May 27 published a new framework proposing to overhaul “management commentary” . . .

Accounting

FASB’s Investor Advisory Committee gives input on emerging issues, trends

June 16, 2021

The Financial Accounting Standards Board’s (FASB) Investor Advisory Committee met on May 25 to give its input on various FASB topics and trends . . .

Accounting

UK’s FRC revises auditing standard for auditors’ responsibilities in regards to fraud

June 7, 2021

The UK’s Financial Reporting Council (FRC) on May 27 issued a revision of its auditing standard on the responsibilities of auditors relating to fraud. Revisions in ISA (UK) 240 (Revised May 2021) – The Auditor’s responsibilities Relating to Fraud in an Audit of

Accounting

Canada consults on tax issues under new insurance accounting rules

June 4, 2021

Canada’s Department of Finance on May 28 launched a consultation on the tax implications of new international accounting rules for insurance contracts . . .

Accounting

AICPA urges Congress to set tax preparer standards

June 2, 2021

The American Institute of CPAs (AICPA) on May 11 urged key US Congressional leaders to regulate professional tax return preparers by setting . . .

Accounting

UK consults on uncertain tax treatment notification requirement

June 2, 2021

The UK HM Revenue & Customs launched a consultation on March 23 on the proposed requirement for large businesses to notify HMRC when they . . .

Accounting

Australia’s AASB proposes accounting rules for non-exchangeable currencies

June 2, 2021

The Australian Accounting Standards Board (AASB) on May 13 proposed to amend AASB 121 “The Effects of Changes in Foreign Exchange Rates” to provide companies guidance on accounting requirements that apply . . .

Accounting

India to launch e-filing taxpayer portal on June 7

May 27, 2021

The Indian government is planning to launch its new e-filing taxpayer portal on June 7, the Finance Ministry announced . . .

Accounting

India government extends tax filing deadlines because of pandemic: Central Board of Direct Taxes→

May 25, 2021

Accounting

FASB’s Private Company Council meets to discuss current and future priority projects

May 24, 2021

The Private Company Council of the Financial Accounting Standards Board met on April 20 to address various technical matters, including its proposal for an accounting standards update for stock compensation . . .

Accounting

Australia’s AASB surveys literature on financial reporting by non-corporate or small entities

May 24, 2021

The Australian Accounting Standards Board (AASB) in April published Financial Reporting by Non-Corporate or Small Entities, broadly surveys the academic literature available on financial reporting by non-corporate . . .

Accounting

European accounting group seeks input on IASB agenda

May 24, 2021

The European Financial Reporting Advisory Group (EFRAG) on May 20 issued a joint consultation document seeking input on the International Accounting Standard Board’s (IASB) future agenda . . .

Accounting

UK Financial Reporting Council notes cash flow statement errors are a recurrent problem

May 21, 2021

The UK’s Financial Reporting Council (FRC) on May 19 published a Thematic Briefing: The audit of cash flow statements, noting the results of the FRC’s constructive engagement findings and the efforts audit firms have taken to shore up the audit of cash flow statements . . .

Accounting

IFRS clarifies accounting for deferred tax on leases, decommissioning

May 21, 2021

The International Accounting Standards Board (IASB) on May 7 issued amendments to IAS 12, the IFRS standard on income taxes, to clarify how companies should account for deferred tax on transactions . . .

Accounting

EU financial advisory members to field test IASB proposals

May 21, 2021

The European Financial Reporting Advisory Group (EFRAG) is asking companies to commit to field testing certain International Accounting Standards Board (IASB) proposals over the next few months . . .

Emma Hinson Sims on The Pillar One blueprint — the potential future of international taxation and transfer pricing: “HAPPY BIRTHDAY TO A VERY SMART, BEAUTIFUL, YOUNG LADY ON JANUARY 13TH.” January 6 ,2024

David Valdez on US Tax Court resolves Whirlpool tax dispute involving Mexican maquiladora structure: “Greetings Whirlpool Mexico, I’m trying to contact someone involved with the decision making for transportation from all of your Mexican…” October 20 ,2023

Jose Dominguez on The new US international tax rules: what you need to know about GILTI, FDII, BEAT etc.: “Very informative article. Question. Do you have a software to compute these US International Calcs to make them in house?” April 12 ,2023

Ciro César Soriano de Oliveira on Danish High Court rules on beneficial ownership of dividends for tax purposes: “Dear Ms Susi, This article is immensely clarifying. I’d like to know whether Danish Supreme Court has already granted its…” March 24 ,2023

Ciro César Soriano de Oliveira on Danish High Court rules on beneficial ownership of dividends for tax purposes: “Dear Ms. Susi, This article is very clarifying. I wonder whether Danish Supreme Court has already granted its decision referred…” March 24 ,2023

May 19 – 20	Tax Council Policy Institute Conference	Washington, D.C.
May 19 – 20	IFA Second European Region Conference	Milan, Italy
May 24	IFA Webinar Series Pillar Two: An Update	Virtual Event
Sept. 4 – 8	IFA Congress	Berlin