New publication on tax reporting challenges
28 May 2007
Deloitte & Touche (United Kingdom) has published Mind the GAAP: Best Practice Tax Reporting in a Changing Environment.
This publication contains recommendations as to how companies might address the challenges of tax reporting in financial statements brought about by recent changes including IFRSs and auditor independence. The report draws on market research that investigates how large businesses in the UK are managing the challenges of tax reporting. Some of the facts uncovered may be surprising:
The publication presents Deloitte's recommendations as to how companies can get to a 'fit for purpose' year end. Key recommendations for companies include the adoption of tax basis balance sheets, full quarterly tax reporting, and real time audits which conclude on the tax reporting impact of significant transactions, as they happen, to enable early identification of material issues.
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