Tax Reporting Software aids international standards adoption.September 29, 2009 -
ONESOURCE(TM) TaxStream Provision v6.0 enables corporate tax departments and accounting firms to manage global tax data sources as well as transition to IFRS and IAS 12 international accounting standard for income tax accounting. It integrates existing work papers and multiple accounting systems, minimizing manual effort as well as risk associated with tax reporting. Complex tax calculations are dynamically integrated while supporting full data controls and audit trails.
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Original Press release
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Thomson Reuters Global Tax Reporting Software Eases International Financial Standards Adoption
ONESOURCE TaxStream Provision version 6.0 improves management of complex global tax accounting and reporting under U.S. GAAP and IFRS
LONDON and NEW YORK, Sept. 21 -- Companies that are expanding operations globally or adopting International Financial Reporting Standards (IFRS) are requiring more sophisticated tax data management and reporting tools.
"The enhanced ONESOURCE(TM) TaxStream Provision software enables corporate tax departments and accounting firms to better manage complex global tax data sources, as well as transition more smoothly to IFRS and IAS 12, the international accounting standard for income tax accounting," said Joe Harpaz, senior vice president of Provision at the Tax & Accounting business of Thomson Reuters. "Our market-leading tax provision software integrates existing work papers and multiple accounting systems, thereby reducing manual effort and minimizing risk associated with tax reporting challenges."
Highlights of the enhanced version of ONESOURCE TaxStream Provision include:
-- Dynamically integrates complex tax calculations such as depreciation, scheduling of losses, and foreign tax credits, from current work papers directly into the tax provision system through the new Active Workpapers Module, while supporting full data controls and audit trails;
-- Accommodates IFRS, U.S. GAAP, U.K. GAAP, and other local accounting standards for tax, as well as provides side-by-side comparisons and reconciliations;
-- Manages, tracks, and reports uncertain tax positions according to the new requirements of IAS 12ED;
-- Collects, reports, and manages tax data from global subsidiaries in real time, with a step-by-step data collection wizard, workflow, and sign-off controls, using multi-lingual instructions; and
-- Provides enhanced foreign exchange currency translation adjustment (CTA) functionality, enabling tax data management and reporting in local currency with seamless conversion to reporting currency for U.S. GAAP and IFRS filing requirements.
"With more companies adopting IFRS and expanding their operations globally, an efficient tax accounting and reporting system that allows for reporting and reconciliation of multiple accounting standards will become critical," added Harpaz. "ONESOURCE TaxStream Provision is equipped to fully accommodate these challenges."
Additional information can be obtained by visiting http://www.onesource.thomsonreuters.c... or calling 877-829-5969, extension 2.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries.
The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Tax & Accounting includes the Corporate Software & Services, Professional Software & Services, and Research & Guidance business groups.
CONTACT: U.S., Ruth Ann Baker, Public Relations of Thomson Reuters, +1-972-250-7438, ruth.ann.baker@thomsonreuters.com
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