Tax reform may present challenges for some organizations that prepare their financial statements using International Financial Reporting Standards (IFRS). They include, determining how an aspect of the legislation applies to an organization’s specific facts and circumstances, gathering data to quantify that application, or a combination of the two. Todd Izzo, partner, International Tax, and Paul Vitola, partner, Washington National Tax Group, both with Deloitte Tax LLP, discuss how the interaction between the new tax law and IFRS may play out with respect to net operating losses, the new global intangible low taxed income inclusion requirement, and other issues.

Source: Wall Street Journal February 16, 2018 18:56 UTC