Longview Tax is the premier solution for IFRS tax reporting. The solution has been specifically architected to address the unique requirements of IAS12. At a high-level FAS109 and IAS12 may seem largely similar; however, in practice Longview recognizes that there are significant differences between the two approaches. The differences exist across the data collection, tax calculations, and disclosures. Therefore, an IAS12-based provisioning process must take all these differences into consideration.
Longview Tax for IFRS provides complete end-to-end processing for reporting under IAS12. The solution has been architected with the existing IFRS markets in mind – such as European headquartered companies. It is not simply an add-on to an existing FAS109-based system. It is a completely unique solution that addresses the specific requirements of IAS12. If your company requires an IAS12 tax provision, then Longview Tax for IFRS is the solution for you.
The Longview Tax for IFRS solution is also ideal for companies reporting across multiple GAAPs. For example, if your tax department is a US division of a foreign headquartered company, then it is likely that you may have requirements that span both FAS109 and IAS12. The IAS logic is completely independent of the FAS109 logic. This allows you to calculate parallel, yet complete, provisions across both standards by legal entity in a single system.
Alternatively, perhaps your company will be adopting IFRS in the near future. The fact that the FAS109/CICA 3465 calculation is independent of the IAS12 calculation allows you full flexibility during the transition period. For example, the parallel calculation logic allows you to clearly reconcile the differences between the two standards - GAAP and IFRS.
The IFRS solution also includes an interim provision process that supports IAS34. This allows you to have a comprehensive IFRS-compliant tax reporting system.
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