U.S. accounting for uncertainty in income taxes | KPMG | GLOBAL

Accounting for uncertainty in income taxes under IFRS, U.S. GAAP

U.S. accounting for uncertainty in income taxes

The International Accounting Standards Board recently issued IFRIC 23, “Uncertainty over Income Tax Treatments,” to clarify the application of recognition and measurement requirements in IAS 12, Income Taxes, when there is uncertainty over income tax treatments. Companies may need to reassess current practice in recognizing and measuring uncertain tax treatments in financial statements prepared in accordance with International Financial Reporting Standards (IFRS).

1000

Related content

For companies reporting financial information under both IFRS and U.S. Generally Accepted Accounting Principles (U.S. GAAP) and for preparers with a history and knowledge of the U.S. GAAP guidance in this area, understanding the differences in the requirements between the two bases of accounting may be an important distinction. 

 

Read an October 2017 report [PDF 143 KB] that includes observations with respect to the requirements and compares the guidance under IFRS to the guidance under U.S. GAAP: What’s News in Tax: Accounting for Uncertainty in Income Taxes under IFRS and U.S. GAAP

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit