International Financial Reporting Standards (IFRS) will replace Canadian Generally Accepted Accounting Principles (GAAP) for fiscal years beginning on or after January 1, 2011, and most companies have started their changeover to IFRS. However, many companies have delayed their detailed assessment of income taxes, likely due to amendments to the IFRS for Income Taxes (IAS 12) proposed in the March 31, 2009 exposure draft. After considering comments received in response to the exposure draft, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) jointly agreed that the project should not proceed in its current form.
What does this mean for your company’s conversion plans? With the proposals abandoned in their current form and deadlines looming, Canadian companies can no longer ignore existing IAS 12.
On Thursday, January 21, 2010, KPMG presented a webcast discussion on the implications of IFRS conversion on income taxes. Find out about some of the common IFRS conversion issues related to income taxes that many companies are facing today.
The webcast featured our senior professionals from KPMG’s Tax Accounting and Audit Support team, who shared their insights with the Canadian tax director community for the benefit of their businesses. Our presenters included Dan Vance, National Leader – Canadian Corporate Tax, and four of our most experienced professionals from our cross-country IFRS Tax team: Pam Zabarylo (Toronto), Jodi Roworth (Calgary), Mike Brawn (Vancouver), and Mario Minato (Montreal).
If you were unable to join the webcast, an archived version of it and a copy of the presentation are now available for access at any time. To access the webcast replay and a copy of the presentation, click here.
Please note that you need to register to view the webcast replay and download the presentation.
For further information on KPMG's upcoming Tax webcasts, click here [PDF 2.11Mb].