International tax

TOPICS / TAX

April 1, 1997

Recognizing

Recognizing and Measuring Financial Instruments T he International Accounting Standards Committee (IASC) issued a discussion paper on the recognition and measurement of financial instruments. Accounting for Financial Assets and Financial Liabilities provides a comprehensive analysis of the major issues associated with accounting for transfers of financial assets, debt defeasance transactions

February 1, 1997

comparative study of U.S.

FASB Issues Comparative Study of U.S. and International Accounting Standards T he Financial Accounting Standards Board published a 440-page study that examines the differences between standards issued by the International Accounting Standards Committee (IASC) and U.S. generally accepted accounting principles. The study, A Report on the Similarities and Differences between

February 1, 1997

Raising Capital Overseas

EXECUTIVE SUMMARY MORE AND MORE COMPANIES are trying to raise capital by listing their securities for sale on foreign exchanges; however, the costs of reconciling U.S. accounting standards with their foreign counterparts can be high. Therefore, it is important that companies know the questions they will face when going global.

January 1, 1997

Small business:

Recent Depreciation Developments T wo recent depreciation developments will affect small businesses that write off office furniture and equipment. In Norwest Corporation v. Commissioner (TC Memo, 1995-390), the Tax Court said all industries could treat office furniture, fixtures and equipment as 5-year property for depreciation purposes. Prior to this ruling,

January 1, 1997

IASC amends standard on income taxes

IASC Amends Standard on Income Taxes and Issues ED on Employee Benefits T he International Accounting Standards Committee revised International Accounting Standard (IAS) no. 12, Accounting for Taxes on Income. It also issued an exposure draft on accounting for retirement benefits that would replace IAS no. 19, Retirement Benefit Costs.