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IFRS: tax implications for the financial services industry and TOFA presentation

Published on 03 Mar 05 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

This presentation covers the following topics:

  • what are the major changes in accounting standards for the financial services sector as a result of the adoption of International Financial Reporting Standards in Australia?
  • in particular, what are the implications arising from IAS 39/AASB 139 (Financial Instruments: Recognition and Measurement) and other major new accounting standards?
  • how will existing tax law be impacted by the adoption of IFRS and what changes to tax law are needed?
  • which issues will be of particular concern for financial institutions?
  • how will existing and future instalments of the Taxation of Financial Arrangements reform project be impacted by IAS 39/AASB 139 and other new standards?

Author profile:

Author Photo - Tony FROST
Tony FROST
Tony Frost FTIA has been a Director with the Sydney office of Greenwoods & Freehills since 2003. Tony has more than 20 years experience in tax, with a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters, including innovative financial products, structured finance, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits and negotiations with the Australian Taxation Office. Prior to joining the firm in 2003, Tony had been a Tax Partner for seven years with one of the major international accounting firms. Earlier in his career, Tony spent five years with Westpac Banking Corporation. He has over 20 years experience in tax and has advised clients on a wide range of issues, but with an emphasis on financial products and financial institutions. Tony has had significant involvement in the tax reform process via industry and professional bodies. In particular, Tony has written or coordinated many submissions over the last 18 years for the banking industry, including on the TOFA reforms. Tony lectures on the taxation of financial transactions in the Masters of Law course at the University of Sydney and is a regular speaker and writer on this subject for the Taxation Institute and other organisations.
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This was presented at 2005 Financial Services Taxation Conference: Risky Business .

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