Collision course

Article Abstract:

Corporate tax is undergoing a process of reform towards a fair and modern future where taxable profits are closely aligned with accounting results and in the opposite direction there is a move towards international accounting harmonization around International Accounting Standards. Both have worthwhile objectives contributing in their different ways to greater transparency and fewer artificial distortions in business life, however, they will collide soon if certain issues are not addressed quickly.

Methods, Corporate taxes, Corporations

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Tweaking the standards

Article Abstract:

For those companies adopting International Accounting Standards, IAS 39, Financial Instruments: Recognition and Measurements is one of the most challenging. The International Accounting Standards Board undertook a project to improve IAS 39 and in December 2003 issued a revised standard and it continues discussions with the business community to identify, and where possible, address issues faced by them.

Product standards, safety, & recalls, Standards, Financial instruments

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