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IFRS: tax implications for the financial services industry and TOFA presentation

Published on 03 Mar 05 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

This presentation covers the following topics:

  • what are the major changes in accounting standards for the financial services sector as a result of the adoption of International Financial Reporting Standards in Australia?
  • in particular, what are the implications arising from IAS 39/AASB 139 (Financial Instruments: Recognition and Measurement) and other major new accounting standards?
  • how will existing tax law be impacted by the adoption of IFRS and what changes to tax law are needed?
  • which issues will be of particular concern for financial institutions?
  • how will existing and future instalments of the Taxation of Financial Arrangements reform project be impacted by IAS 39/AASB 139 and other new standards?

Author profile

Anthony Frost CTA
Photo of author, Tony FROST Tony Frost in his first, 34-year career was one of Australia’s leading corporate tax advisers. He was, and still is, a lawyer and a Chartered Accountant. His clients included BHP Billiton, Macquarie Bank, Westpac Banking Corporation and the Commonwealth Bank of Australia. Before joining Greenwoods in 2003, he had been a tax partner at PwC for seven years. Prior to that, Tony spent five years working in-house at Westpac Banking Corporation. Throughout his tax career, Tony was a regular speaker at TTI events. Tony finished his tax career in 2018, after being Managing Partner, for seven years, of tax advisory firm Greenwoods & Herbert Smith Freehills, one of Australia’s most lauded professional service firms. Since 2019, and after completing a Master of Science in Coaching Psychology degree at the University of Sydney, Tony has been having a second career as an executive coach, mentor, leadership consultant, facilitator and trainer. He holds a number of non-executive company directorships and is the non-executive Chairman of the Leadenhall Valuation Services group. Tony is a graduate of the Australian Institute of Company Directors and now teaches the AICD’s prestigious Company Directors’ Course. Tony is also the author of The Professional: A Playbook to Unleash Your Potential and Futureproof Your Success, Tony has been a proud member of The Tax Institute for about 40 years. - Current at 06 July 2026
Click here to expand/collapse more articles by Tony FROST.

 

This was presented at 2005 Financial Services Taxation Conference: Risky Business .

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