New Regulations For The New Year
This article was first published in Wall Street Journal: CFO Journal, 11 December 2012
US regulators spent much of the past year writing new rules. Next year, corporate executives will have to deal with the fruits of those labors--which will affect everything from the tax rate on dividends to how they manage their supply chains.
"Multinational companies that use transfer pricing when exchanging goods, services and intangible assets between foreign affiliates will also face changes next year. Tax authorities in the Netherlands are under pressure to alter their approach to profits stemming from intellectual property, and a new finance act in India will change how transfer pricing is used in domestic transactions", according to consultants from international tax adviser Taxand.....
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A new SEC chairman also could signal whether the US might move closer to adopting International Financial Reporting Standards. A much-anticipated report from the agency’s staff over the summer offered little direction on the matter.
In addition, the 20-year-old framework used by most public companies to guide their internal control processes for financial reporting is set to get its first major overhaul in the first quarter of 2013 by the Committee of Sponsoring Organizations of the Treadway Commission, an alliance of accounting and finance groups.