The US Internal Revenue Service (IRS) is
training staff on IFRS concepts and potential issues despite doubts
over the adoption of global accounting rules.
The report, published by the Treasury
Inspector General for Tax Administration (TIGTA), found the IRS is
in the process of providing awareness training to its employees by
introducing them to IFRS concepts and potential issues.
The IRS is also providing technical advice and
guidance to employees conducting examinations of tax returns that
are based on IFRS.
The IRS has been in consultation with tax
practitioners to outline IFRS implementation concerns and is
developing procedures to address issues related to the standard.
Once that process is completed, the IRS will publish a collective
summary for its own employees.
It is still uncertain whether the US will
adopt IFRS. The Securities and Exchange Commission will make a
decision on IFRS implementation in 2011.
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