Thomson Reuters’ Tax & Accounting business has upgraded its TaxStream Provision software to help corporate tax departments with the transition to International Financial Reporting Standards.

Version 6.0 of the software supports IAS 12, the international accounting standard for income tax accounting, as well as U.S. GAAP and U.K. GAAP standards. The system also manages and reports uncertain tax positions according to the new requirements of IAS 12ED.

Other features include the ability to integrate complex tax calculations such as depreciation, scheduling of losses, and foreign tax credits from a user’s current work papers into the tax provision system. The system can also handle foreign exchange currency translation adjustments to report currency under both U.S. GAAP and IFRS filing requirements, and it handles reporting on tax data from global subsidiaries. For more information, visit http://www.onesource.thomsonreuters.com/incometax/provision/ or call (877) 829-5969.

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