International Financial Reporting Standards (IFRS) is the accounting standard used in approximately 100 countries, and "arguably", it is also used in the USA with regard to large US multinational companies that have subsidiaries, and partnerships in Europe, Asia, Africa and maybe the "Rest of the World". Such companies would hence, endeavor to consolidate tax international reporting principles with a nexus to domestic-US based tax reporting standards and principles.
Because we are accredited experts, we provide advice and guidance to our clients, and prospective clients on the major differences between IFRS and US generally accepted accounting principles (GAAP) with respect to how these details are treated in the US Financial Statements, and the adjusted or accompanying IFRS Financial Statements.
We would dwell, advice and guide on concepts that include include tax accounting methods, that are connected to FASB ( Federal Accounting Standards Board ) Interpretation No. (FIN) 48 and International Accounting Standards ( IAS) Nr. 12 that covers the applications of "Income Taxes" on Financial Statements, and that is also similar to FAS 109 regarding the measurement of temporary differences.
Potential Example or Area of Activity: ,if IFRS applications to tax princples alters certain figures with respect to book-value amounts, will a subsequent request for changes in accounting principles or methods be necessary, in terms of filing Form 3115? Maybe Yes / Maybe No? and this is when we would potentially come into play, to provide answers as accredited experts in International Accounting Standards
