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


This paper 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

Anthony Frost CTA
Photo of author, Tony FROST Tony is the Managing Director of Greenwoods & Freehills. With more than 25 years experience in tax, Tony has a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters, including innovative financial products, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits and negotiations with the Australian Taxation Office. Tony has also advised clients on various OBU matters over many years, and is part of the consultation group set up by Treasury to discuss changes to the OBU rules announced in the previous government’s 2013-14 Budget. - Current at 18 October 2013
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This was presented at 2005 Financial Services Taxation Conference: Risky Business .

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