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

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

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 Frost, CTA, Greenwoods & Herbert Smith Freehills’ Managing Director, is a tax lawyer and Chartered Accountant, with a career spanning more than three decades. During this time, he has advised clients on a wide range of matters, including financial transactions, ATO audits and disputes, and the tax aspects of mergers, acquisitions and transfer pricing. Tony has been closely involved in many successful and unsuccessful tax reform projects over the last 30 years or so, including in his role as a key adviser to the Australian Banking Association, and also as an occasional adviser/consultant to the Treasury, ATO and the Board of Taxation. Before joining Greenwoods in 2003, Tony was a partner in a global chartered accounting firm and held a senior position in a leading Australian bank. Tony is a prolific author of tax articles and seminar papers and is regularly invited to speak at industry events and conferences. He spent 15 years as a lecturer in the Master of Laws program at the University of Sydney. Tony is a Chartered Tax Adviser of The Tax Institute, a member of the Law Society of NSW and Chartered Accountants Australia and New Zealand, and a member of the International Fiscal Association. - Current at 01 November 2018
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This was presented at 2005 Financial Services Taxation Conference: Risky Business .

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