Tax Management and Accounting Services
It is a difficult effort to preserve the efficiency of the tax function while also responding to public requests for increased transparency, accuracy, and accountability, as well as better risk management.
Canada’s tax and accounting operations have outlived their usefulness as a result of their continued functioning in the same manner as they have done for many decades. Tax accounting has risen to the top of many finance directors’ priority lists as a result of increased regulatory scrutiny and the implementation of essential disclosure requirements. This has brought to light a number of fundamental issues with the way corporate tax offices operate. In light of these advancements, businesses now more than ever need to strengthen and integrate their tax accounting function into their broader financial operations in order to be successful in the long run.
The truth is that many businesses do not have the internal resources and knowledge necessary to fulfil the increasing demands for accuracy and openness in the tax accounting and financial reporting areas of their financial reporting. Keeping up with the increased emphasis on tax accounting accuracy while also meeting ever-increasing reporting deadlines is a constant uphill battle for tax professionals, who are up against a mountain of paperwork. To make matters even more complicated, these already overburdened internal tax resources will be needed to plan for both the tax implications of transitioning to International Financial Reporting Standards (IFRS) and any accounting concerns that may arise as a result of the transformation.
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