Andy Wiggins

Andy Wiggins, a PwC Partner and Global Tax Accounting Services Leader, discusses the nuances of accounting under Pillar Two. He dives into the challenges of navigating US GAAP versus IFRS and the impact of international tax reforms on financial statements. Topics include the complexities of the income inclusion rule and the significance of accurate data for compliance. Wiggins also emphasizes collaboration between tax and finance teams in adapting to new standards, addressing the importance of timely data preparation and the identification of the Ultimate Parent Entity.

Exploring the OECD's global minimum tax rules to combat tax avoidance by multinational enterprises, focusing on practical challenges and accounting implications. Delving into the complex criteria and calculations of the global minimum tax, addressing adjustments in financial statements and relief provided by the ISP. Discussing the impact on accounting practices, such as impairment testing and tax expense allocation within groups. Highlighting the importance of qualitative disclosure information for investors and available resources for staying up-to-date on tax regulations.