Published on 07 Feb 08
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
This paper discusses the Summary of Accounting Standards requirements relevant to each election and what they mean in practice (including proposed developments in hedging rules). It also considers the tax consequences of making the various elections.
Note that hedging was covered in more detail in the paper TOFA - Hedging: Have We Finally Got there?
Phillip Cole CTA
Phillip is Head of Tax, Australia and New Zealand at J.P.Morgan. He has spent nearly 20 years working in the internal tax
functions at both Australian-based and foreign financial institutions, including eight years at the Commonwealth Bank of Australia. His experience covers the spectrum of tax issues affecting financial
institutions with a particular focus on domestic banking issues, including extensive involvement in the TOFA reforms. Prior to corporate life, he spent seven years in chartered accounting. Current at 13 February 2013
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David Huxtable is an Executive Manager in the Group Financial Reporting and
Analysis team at Commonwealth Bank of Australia. He has 11 years experience working
with financial institutions both internally and on an advisory basis during time spent
at KPMG. His experience covers a spectrum of accounting issues affecting financial
institutions with a particular focus on the interpretation of international accounting
standards within the context of structured transactions and general banking operations.
Current at 18 December 2007