New standards to shake up tax law

Article Abstract:

The changes in income tax related accounting practice is expected with the adoption of the International Financial Reporting Standards. The tax law and financial accounting, thin capitalization, consolidation provision, controlled foreign company and investment fund measures will be affected.

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An accounting disservice

Article Abstract:

Service entities are trusts that employ an accounting practice's support staff, rent its premises and perform its administration tasks. Billing systems used by some service entities are considered as flawed by many accounting professionals.

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International Financial Reporting Standards

Article Abstract:

Details about the division 11 of the GST Act are given that creates an entitlement to input tax credit. The entitlement only exists where there is an acquisition as defined in section 11-5.

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