Tax Reporting & Internal Controls 2011

Gain a thorough understanding of the current tax reporting environment and its implications on Canadian tax practitioners.

COURSE PROGRAM:

EMERGING TAX ACCOUNTING AND REPORTING ISSUES
Tax accounting is growing more complex and burdensome with increasing regulatory requirements and changing accounting interpretations, with the tax function under more scrutiny than ever before. Tax accounting regulations in the form of new standards and updated guidance continue to evolve, with tax-related internal control deficiencies being a main cause of tax reporting compliance issues. This session will examine current and pending tax accounting requirements for increased transparency and compliance in tax reporting.

• Changes to income and capital tax return preparation
• Evolving regulatory environment for tax accounting
• Accounting for income taxes for Canadian companies
• Fair value accounting issues for tax
• Best practices for internal control over tax reporting: internal controls certification
• Tax reporting issues in business combinations

TAX REPORTING AS A CORPORATE GOVERNANCE ISSUE
The world of income tax accounting and reporting is increasingly becoming a focus in corporate governance, with the accounting-for income-tax process no longer being handled by specialists with no direct linkage to corporate accounting. This session will look at the role of senior management in tax reporting, as tax departments become less isolated and senior executives take greater interest in tax risks and internal controls.

• Board’s role in making decisions about where their companies should position themselves on the tax risk spectrum
• Ensuring the necessary controls are in place
• Ensuring tax is on the agenda of the corporation’s stakeholders
• Providing tax with more board level attention
• Overseeing the establishment of an effective and well-documented control environment
• Establis