Subscribe to the Tax Headline RSS feed | Subscribe to the Tax Headline feed via EmailANALYSIS: With U.S. GAAP/IFRS Convergence Now an SEC Priority, Taxpayers Need to Consider Potential Multistate Impacts
March 8, 2010 in Daily Tax Report · Leave a Comment
As the financial crisis on Wall Street has subsided, the SEC is shifting its focus back to the proposed convergence of generally accepted accounting principles with international financial reporting standards. Douglas Sayuk, Matthew Fricke, and Shamen Dugger of Clifton Douglas LLP discuss the potential state tax impacts of that convergence, with a particular focus on the differences in calculating uncertain tax positions. The authors also outline steps companies should be taking now to prepare, including steps that “may propel a company’s tax function to greater utility, regardless of ultimate convergence approval…”
