sales tax changes, ifrs adoption concern transportation cfos
DESCRIPTION
CFOs at transportation companies are wary of potential sales tax changes to service transactions, as well as International Financial Reporting Standards (IFRS) implementation. This infographic is based on our semiannual CFO Survey and focuses in on the industry’s state of mind. View the survey - http://gt-us.co/1xFWKswTRANSCRIPT
Sales tax changes, IFRS adoptionconcern transportation CFOsCFO Survey Fall 2013
Tax changes that would havethe greatest impact on business
Gradual lowering of incomeand franchise tax rates Broadening the sales tax base to
include sales tax on services87%
61%
—multistate tax liability
Most burdensome state and local taxes measured by…
45%—Corporate income/franchise tax43%—Sales and use tax11%—Property tax
—multistate tax compliance responsibilities
53%—Sales and use tax40%—Corporate income/franchise tax 8%—Property tax
IFRS adoption has many U.S. transportation CFOs on the fence3 in 5 say U.S. investor needs should come before IFRS adoption2 in 5 think culture, regulations and legal issues block global adoption1 in 3 say U.S. markets would benefit if listed companies adopted IFRS
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
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%
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Transportation CFO respondent demographics
Public
Private
18%
82%
56%
40%
35%
21%
19%
13%
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