Corporate tax executives need to closely watch other countries' transition to International Financial Reporting Standards as it could affect their global tax planning, warns a report issued by Deloitte.

The Deloitte report, "Global Tax Implications of International Financial Reporting Standards," discusses how companies should prepare for the implications of the transition to IFRS in each country in which they operate. For example, changes to equity as a result of adoption of IFRS may impact the ability of a subsidiary to deduct interest expense for tax purposes, thereby putting pressure on a company's financing strategy.

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