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financial reporting News

Canadian Tax Breaks Benefit Wealthy Most, Says Study

by Mike Godfrey,, Washington

Friday, December 9, 2016

Canada's personal income tax expenditures disproportionately benefit the top 50 percent of income earners, according to a new report by the Canadian Centre for Policy Alternatives. Read Full Story


Australia Eases Reporting Burden For Charities

by Mary Swire,, Hong Kong

Monday, October 3, 2016

The Australian Taxation Office has announced that ancillary funds registered as charities will only need to submit their annual return to one government agency. Read Full Story


Greek Tax Revenues Fall Short

by Lorys Charalambous,, Cyprus

Monday, August 22, 2016

Greek tax revenues fell short of their target for July 2016, but tax receipts have been higher than 2015 levels. Read Full Story


US CPAs Comment On Professional Employer Organization Regs

by Mike Godfrey,, Washington

Friday, August 19, 2016

The American Institute of Certified Public Accountants has provided recommendations regarding the proposed regulations to establish the certification of Professional Employer Organizations, in a letter to the US Internal Revenue Service dated August 16. Read Full Story


International Accounting Standards Widely Used: IFRS

by Glen Shapiro,, New York

Thursday, July 28, 2016

The IASB, responsible for International Financial Reporting Standards, and the IFRS Foundation that oversees its work, have estimated that more than 25,000 of the approximately 48,000 domestic listed companies on the 85 major securities exchanges in the world use its accounting standards. Read Full Story


IRS Issues Final Regulations On US CbC Reporting

by Mike Godfrey,, Washington

Friday, July 1, 2016

On June 30, 2016, the Internal Revenue Service issued final regulations in the Federal Register to require annual country-by-country reporting by the ultimate parent entities of US multinational enterprise groups that have annual revenues in their preceding annual accounting periods of USD850m or more. Read Full Story


US Senators Push For Public CbC Reporting Requirement

by Mike Godfrey,, Washington

Wednesday, June 8, 2016

US Senator Bernard Sanders and three of his colleagues have urged the Government to further strengthen the proposed country-by-country reporting regulations by providing public access to the reported data. Read Full Story


Philippines Gets Tougher On Tax Evasion

by Mary Swire,, Hong Kong

Monday, May 16, 2016

The Philippines Department of Finance has tabled before the Congress a slew of amendments aimed at further strengthening the country's anti-money laundering and bank secrecy laws. Read Full Story


Canada To Adopt Latest Tax Transparency Standard

by Mike Godfrey,, Washington

Tuesday, April 19, 2016

The Canadian Government has released for consultation draft legislative proposals to implement the Common Reporting Standard from July 1, 2017. Read Full Story


Ukraine Discusses Tax Reform With US Firms

by Ulrika Lomas,, Brussels

Thursday, April 7, 2016

On March 30, Ukraine's Deputy Minister of Finance, Olena Makeyeva, updated US Chamber of Commerce members on reforms efforts to align the tax regime with EU best practices and international tax transparency standards. Read Full Story



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