Tax Implications For U.S. Conversion to International Financial Reporting Standards

"The movement toward International Financial Reporting Standards in the United States has begun ... have you considered the impacts to your global tax function?" asks PwC.

In the documents attached here, PwC considers tax implications for U.S. conversion to IFRS from two perspectives: planning considerations for U.S. tax executives and tax-accounting methods.

"Converting to International Financial Reporting Standards, planning considerations for U.S. tax executives" covers such issues as: Why is it important to begin planning now for the conversion to IFRS? What are the most significant planning considerations for the global tax function? and How and when should an organization start planning for the IFRS conversion process?

"Implications of IFRS Conversion on U.S. Tax Accounting Methods" allows companies an opportunity to comprehensively reassess the accounting methods used for financial reporting purposes. As a change in book and tax-accounting methods resulting from an IFRS conversion could have a direct impact on a company's income tax reporting and cash taxes payable, careful consideration should be given to the implications of the company's accounting method choices on required method changes, cash taxes and tax compliance.