Over the last year or so there has been widespread debate about IFRS (International Financial Reporting Standards) replacing US GAAP (Generally Accepted Accounting Principles), but how close are we and what does it really mean? Are we really about to see a single worldwide accounting standard applied in every major market?
IFRS - One world, one standard – almost a reality?
- No inheritance tax in emerging economies such as China, India and Russia
- Major economies under pressure to abolish unfair ‘death tax’
- Emerging economies resist introducing IHT in order to attract investment
• Yet almost no difference between lower income tax payers in G7 and BRIC countries
• Russia has lowest rate for top earners