Corporate tax managers, tax advisers, tax accountants and lawyers will appreciate that keeping up-to-date with constant changes to the tax law is an exhausting exercise. However, with the increasing reliance on accounting standards and principles to determine income tax outcomes, tax professionals must also keep abreast of key changes to accounting requirements.
This event covered:
- identified the key developments in accounting standards, particularly in relation to the new revenue recognition standard, AASB 15 revenue from contracts with customers, AASB 9 financial instruments and the leases project, and considered consequential tax impacts
- provided updates on corporations legislation amendments including capital and dividend management impacts
- identified and discussed trends in financial reporting including disclosure effectiveness, particularly in relation to tax transparency initiatives
- discussed the ATO's recently announced tax effect accounting work papers access initiative.