Tuesday, June 3, 2008

The Move to IFRS Tax Implications

PricewaterhouseCoopers in Canada has issued a very interesting publication dealing with the various tax implications of the IFRS conversion. Their Tax Memo - The move to IFRS:Tax Implications is downloadable for free on the PwC site.


The Appendices to their Memo have a quite detailed analysis of differences between IFRS and Canadian GAAP accounting for taxes. There are a lot of potential devils in the details here and these matters require further study. Do not leave this taxation stuff to the end! All of the Accounting Firms are cautioning that a proper implementation plan will involve tax experts from the very beginning and through the conversion period. Consult your tax advisors sooner rather than later is my advice.

I plan to look at the tax implications of IFRS conversion further and to see what the other firms have to say. Expect more discussion in a future blog entry.

I found the PwC publication informative and it looks like it will be very useful but must confess that I have yet to review it in detail. Its a message to us all that we must now get down to a fine level of detail. The Honeymoon, if we can call it that, is over!

A note to everyone. I am not affiliated with any firm and I will reference anything in this blog that is interesting to me and that I believe others might find useful. Other Accounting Firms are free to weigh in and indeed I will actively look for input.

Please feel free to comment and to reference other publications of interest in this area.

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