The Convergence of FAS 109 and IAS 12

Sponsored By Deloitte

Topics:

Accounting > Accounting Standards

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Abstract:

International Financial Reporting Standards (IFRS) are a hot topic - one that has produced some significant developments and frequent media attention over the past year. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) continue to work together to converge U.S. accounting standards and IFRS. Income tax accounting is just one of the projects on which the FASB and IASB are collaborating as part of their convergence plan. Additionally, the Securities and Exchange Commission has been discussing potential rulemaking that may include an optional and mandatory conversion to IFRS for U.S. public companies. Given the pace and direction of developments, companies may need to think about IFRS - both convergence and conversion - sooner rather than later. A new report, "FAS 109 and IAS 12: Insights on the corporate income tax accounting convergence project," discusses the background and objectives of the project as well as planning considerations.

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Posted: September 09, 2008

Length: 6 pages

Format: PDF (551 kb)

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