As follow up on our Ernst & Young IFRS Club, held on 7 May 2009, we have the honour to invite you on the following webcast
Date: Thursday, 14 May 2009 Time:
* 4:00-5:00 p.m. Brussels;
* 3:00-4:00 p.m. London;
* 10:00-11:00 a.m. New York / Toronto;
* 9:00-10:00 a.m. Mexico City
Registration: Click here to register.
On 31 March 2009, the IASB released its much-anticipated Exposure Draft of a standard to replace IAS 12, Income Taxes. Income taxes are a significant item for all reporting companies and any changes to how they are accounted for can have a fundamental impact on a company's balance sheet and income statement, as well as its disclosures.
The Exposure Draft proposes several changes to the current requirements of IAS 12,including new requirements for the accounting and disclosure of uncertain tax positions, and definitions of a "tax base" and a "temporary difference." Furthermore, the Exposure Draft proposes a change in the allocation of tax to components of profit or loss or equity (also known as "backward tracing") along with transitional and first-time adoption provisions. The changes to IAS 12 were precipitated by a desire to converge IFRS and US GAAP standards for accounting for income taxes. However, the Exposure Draft does not completely eliminate the differences. The FASB has indicated it will ask its constituents to comment on the Exposure Draft as a potential replacement to FAS 109. In this webcast, we will discuss several aspects of the Exposure Draft, with particular emphasis on the changes mentioned above as well as the potential accounting and business implications thereof. Join our panel of experienced professionals as they discuss the impact the Exposure Draft may have on accounting for income taxes. To register, please click on one of the links above.
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