More Related Content Similar to Sales tax changes, IFRS adoption concern transportation CFOs (20) More from Grant Thornton LLP (20) Sales tax changes, IFRS adoption concern transportation CFOs1. Sales tax change s, IFRS adoption
concern transportation CFOs
CFO Survey Fall 2013
Tax changes that would have
the greatest impact on business
Gradual lowering of income
and franchise tax rates Broadening the sales tax base to
include sales tax on services
87%
61%
Most burdensome state and local taxes measured by…
—multistate tax liability
45%—Corporate income/franchise tax
43%—Sales and use tax
11%—Property tax
—multistate tax compliance responsibilities
53%—Sales and use tax
40%—Corporate income/franchise tax
8%—Property tax
IFRS adoption has many U.S. transportation CFOs on the fence
3 in 5 say U.S. investor needs should come before IFRS adoption
2 in 5 think culture, regulations and legal issues block global adoption
1 in 3 say U.S. markets would benefit if listed companies adopted IFRS
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Private company CFOs think these financial reporting bases are acceptable
The AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities
Full FASB standards
FASB standards as modified by the Private Company Council
IFRS for Small- and Medium-Sized Entities
Tax basis
Full IFRS
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Transportation CFO respondent demographics
Annual revenue
< $10 million 4%
$10 million–$50 million 26%
$50 million–$100 million 15%
$100 million–$500 million 41%
$500 million–$1 billion 6%
$1 billion–$5 billion 9%
Public
18%
Private
82%
56%
40%
35%
21%
19%
13%
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