Tax Legislation

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IFRS vs. GAAP Reporting: A Challenge for Multinationals

When it comes to complying with complex accounting, financial, statutory and tax reporting requirements under both U.S. GAAP and IFRS, even innocent mistakes can be deadly. One U.S. based global provider of oil field technology and supplies found that out the hard way. The company was forced to restate its financials twice within six months, and each one resulted in a roughly $500 million adjustment in its financial statements, including penalties, fees and other costs.

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