Grandfather - Revision history

imported>Doug Williamson: Remove out of date link.

2017-11-21T22:03:23Z

Remove out of date link.

← Older revision		Revision as of 22:03, 21 November 2017
Line 15:		Line 15:
	== See also==		== See also==
	* [[IFRS 16]]		* [[IFRS 16]]


	~~===Other links===~~
	~~[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]~~

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:Compliance_and_audit]]		[[Category:Compliance_and_audit]]

imported>Doug Williamson: Remove surplus link and update.

2017-11-21T22:02:57Z

Remove surplus link and update.

← Older revision		Revision as of 22:02, 21 November 2017
Line 10:		Line 10:
	To continue a previous financial accounting treatment - where permitted - for pre-existing contracts or transactions, during a transition period.		To continue a previous financial accounting treatment - where permitted - for pre-existing contracts or transactions, during a transition period.

	For example, IFRS 16 (Leases) allows existing leases to continue be accounted for under the previous accounting regime, applying the new ~~definitions~~ only to new contracts.		For example, the introduction of IFRS 16 (Leases) allows pre-existing leases to continue be accounted for under the previous accounting regime, applying the new rules only to new contracts.


	== See also==		== See also==
	* [[FATCA]]
	* [[IFRS 16]]		* [[IFRS 16]]

imported>Doug Williamson: Layout.

2017-11-21T17:12:11Z

Layout.

← Older revision		Revision as of 17:12, 21 November 2017
Line 2:		Line 2:

	To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.		To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.


	Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.		Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.

imported>Doug Williamson: Remove old Example.

2017-11-21T17:11:51Z

Remove old Example.

← Older revision		Revision as of 17:11, 21 November 2017
Line 5:		Line 5:

	Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.		Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.


	~~'''Example'''~~

	~~''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA).~~

	~~''The protection is extended from 1 January 2013 to six months after the regulations are finalised, estimated to be July 2013 at the earliest.''~~

	~~'' FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.''~~

	~~''(The Treasurer December 2012/January 2013).''~~

imported>Doug Williamson: Add lease accounting example.

2017-05-27T17:54:09Z

Add lease accounting example.

← Older revision		Revision as of 17:54, 27 May 2017
Line 1:		Line 1:
			1.

	To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.		To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.

Line 14:		Line 16:

	''(The Treasurer December 2012/January 2013).''		''(The Treasurer December 2012/January 2013).''


			2. ''Financial reporting''

			To continue a previous financial accounting treatment - where permitted - for pre-existing contracts or transactions, during a transition period.

			For example, IFRS 16 (Leases) allows existing leases to continue be accounted for under the previous accounting regime, applying the new definitions only to new contracts.


	== See also==		== See also==
	* [[FATCA]]		* [[FATCA]]
			* [[IFRS 16]]

imported>Doug Williamson: Layout.

2016-05-11T14:18:05Z

Layout.

← Older revision		Revision as of 14:18, 11 May 2016
Line 1:		Line 1:
	To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.		To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.


	Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.		Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.
Line 6:		Line 7:
	'''Example'''		'''Example'''

	''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA). The protection is extended from 1 January 2013		''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA).
	''to six months after the regulations are finalised, estimated to be July 2013 at the earliest. FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.'' ''(The Treasurer December 2012/January 2013).''
			''The protection is extended from 1 January 2013 to six months after the regulations are finalised, estimated to be July 2013 at the earliest.''

			'' FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.''

			''(The Treasurer December 2012/January 2013).''

imported>Doug Williamson: Layout.

2015-05-11T09:26:57Z

Layout.

← Older revision		Revision as of 09:26, 11 May 2015
Line 14:		Line 14:


	==Other links==		===Other links===
	[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]		[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]

			[[Category:Accounting,_tax_and_regulation]]
	[[Category:Compliance_and_audit]]		[[Category:Compliance_and_audit]]
	~~[[Category:Accounting,_tax_and_regulation]]~~

imported>Doug Williamson: Restore months to reference to The Treasurer.

2014-04-17T16:46:20Z

Restore months to reference to The Treasurer.

← Older revision		Revision as of 16:46, 17 April 2014
Line 7:		Line 7:

	''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA). The protection is extended from 1 January 2013		''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA). The protection is extended from 1 January 2013
	''to six months after the regulations are finalised, estimated to be July 2013 at the earliest. FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.'' ''(The Treasurer 2012/2013).''		''to six months after the regulations are finalised, estimated to be July 2013 at the earliest. FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.'' ''(The Treasurer December 2012/January 2013).''


Line 17:		Line 17:
	[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]		[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]

	[[Category:~~Regulation_and_Law~~]]		[[Category:Compliance_and_audit]]
	[[Category:~~Taxation~~]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Changed reference and added other link to Treasurer and see also

2014-04-16T14:59:19Z

Changed reference and added other link to Treasurer and see also

← Older revision		Revision as of 14:59, 16 April 2014
Line 7:		Line 7:

	''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA). The protection is extended from 1 January 2013		''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA). The protection is extended from 1 January 2013
	''to six months after the regulations are finalised, estimated to be July 2013 at the earliest. FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.''		''to six months after the regulations are finalised, estimated to be July 2013 at the earliest. FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.'' ''(The Treasurer 2012/2013).''


	The Treasurer, December ~~2012~~/January ~~2013, page 11.~~		== See also==
			* [[FATCA]]


			==Other links==
			[http://www.treasurers.org/node/9713 Feeling the force of FATCA, The Treasurer, December 2013/January 2014]

	[[Category:Regulation_and_Law]]		[[Category:Regulation_and_Law]]
	[[Category:Taxation]]		[[Category:Taxation]]

imported>Doug Williamson: To create the page. Source: http://www.treasurers.org/node/8609

2013-09-26T08:54:02Z

To create the page. Source: http://www.treasurers.org/node/8609

New page

To exempt pre-existing arrangements from subsequent more restrictive laws or regulation.

Grandfathering may be applied for the full natural life of pre-existing arrangements, or for a more limited period which is considered long enough to allow new and compliant arrangements to be put in place.

'''Example'''

''The Internal Revenue Service is extending the grandfathering protection for non-US arrangements caught under the Foreign Account Tax Compliance Act (FATCA). The protection is extended from 1 January 2013
''to six months after the regulations are finalised, estimated to be July 2013 at the earliest. FATCA imposes US withholding taxes and significant compliance obligations on financial institutions such as banks and insurance companies.''

The Treasurer, December 2012/January 2013, page 11.

[[Category:Regulation_and_Law]]
[[Category:Taxation]]