How are you surviving the changing tax reporting landscape? Webcast 2: What impact is this having? April 2010

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Logan Kelley
5 years ago
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1 Management and Accounting Services webcast How are you surviving the changing tax reporting landscape? Webcast 2: What impact is this having? PwC

2 return The tax Slide 2

3 Question return The tax What action is your group taking on IFRS adoption in entity accounts? Adopt early Wait and see Not decided yet Slide 3

4 Practical experience and summary IFRS transition return The tax Decision point - GAAP - Timing PHASE 1 Impact assessment PHASE 2 Evaluation PHASE 3 Integration Accounting and business review Distributable reserves Legal structure Processes, systems and people Develop step plan Cost vs benefit Quantification of impacts Embedding Training Testing Review management and Accounting Services webcast

5 Question return The tax Have you got the right balance between technology and manual processes in your tax reporting and forecasting? No, our systems are largely manual and unstructured Not quite, we would like to improve our processes with technology solutions Yes, We have the balance about right Slide 5

6 Finance, systems and business model changes System Solution Options return The tax 1 Spreadsheets Consolidation Tool a/c 2 Using existing finance systems In-country processes Reporting Unit Consolidation Group Input CPM Extract and report database a/c 3 reporting systems In-country processes Web Input ERP / CPM TRS a/c Bespoke TRS 4 Bespoke solutions ERP A ERP B ERP C Topside entries FBW CPM In-country sources hierarchies data / calculation logic Ability to control / add calcs Country specific s mapping workflow Group tax TRS Workflow Slide 6

7 1 Spreadsheets return The tax Consolidation Tool a/c or hosted? Robust? Roll-forward? Multiple hierarchies? Automation? Branches? Reporting? AOP / exceptionals? Validation vs consolidation system Slide 7

8 2 Use existing finance systems return The tax Reporting Unit Consolidation Group In-country processes Input CPM Extract and report database a/c 3 BUT Robust control Multiple hierarchies Cost-effective (?) Push-pull automation Validation Branches? Calculation / automation? SSCs? AOP / exceptionals? Flexibility? Slide 8

9 3 reporting systems return The tax ERP / CPM In-country processes Web Input TRS a/c 3 Robust control Multiple hierarchies Automation Validation Branches AOP / exceptionals SSCs Flexibility BUT Implementation and maintenance? More systems Slide 9

10 Question return The tax How would you calculate the total taxes paid and borne by your company? We have an existing process in place for reporting this. Send a request to finance Attempt to find the answers ourselves Slide 10

11 Responding to governance challenges The Total Contribution approach return The tax Product Profit People Property Planet Analysis / review / benchmar king Report design Collectin g the data Drivers & goals Picking a methodol ogy es & countries in scope Slide 11

12 return The tax Slide 12

13 This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law,, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it All rights reserved. 'PricewaterhouseCoopers' refers to (a limited liability partnership in the United Kingdom) or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and PricewaterhouseCoopers independent legal entity. LLP PwC

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