Global Harmonization of Taxation
The European Union (EU) was a catalyst for the acceptance of international financial reporting standards (IFRS) in Europe. The EU and the International Organization of Securities Commissions (IOSCO) adopted IFRS in 2002, the US Securities and Exchange Commission (SEC) anticipates IFRS acceptance by...
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Published in | The Tax Adviser Vol. 38; no. 12; p. 718 |
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Main Authors | , |
Format | Trade Publication Article |
Language | English |
Published |
New York
American Institute of Certified Public Accountants
01.12.2007
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Subjects | |
Online Access | Get full text |
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Summary: | The European Union (EU) was a catalyst for the acceptance of international financial reporting standards (IFRS) in Europe. The EU and the International Organization of Securities Commissions (IOSCO) adopted IFRS in 2002, the US Securities and Exchange Commission (SEC) anticipates IFRS acceptance by 2009, and the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) continue to work toward common standards. Will there be spillover effects of financial accounting harmonization on taxation? Tax globalization efforts include international cooperation, the European Common Consolidated Corporate Tax Base (CCCTB), and US tax reform to meet today's global business environment. This article reviews nongovernmental organization (NGO) and government tax policy involvement. It then looks at tax globalization efforts. The article finally considers an international tax organization and harmonization. |
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ISSN: | 0039-9957 |