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October 6, 2010

US tax collector prepares for IFRS

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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