International tax

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,

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.