Fin 48 puts US tax reserve on the books but more volatile tax rates could impact earnings. Added disclosure could raise tax rates so IROs should brace for investor questions.
Mention the words ‘tax accounting change’ and you’re guaranteed a lukewarm response. Tax is one of the most complex and least understood areas of accounting, and most IROs leave it to the professionals. ‘Our tax department will handle any change; I won’t deal with it until we focus on closing the quarter,’ notes Sarah Lewensohn, Laidlaw International’s director of IR.
But the latest move by the US Financial Accounting Standards Board (Fasb) may require
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