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IAS 12 - Income Taxes

Power & Utilities IFRS Series

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Accounting for income taxes requires knowledge of the rules under Statement of Financial Accounting Standard (SFAS) 109, as well as familiarity with all areas of financial reporting. A conversion from U.S. Gernally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) will result in new rules pertaining to tax accounting, including an evaluation of uncertain tax positions using yet another standard. Conversion will likely cause numerous new book-tax differences, affecting estimated tax payments, tax returns and deferred tax asset and liability calculations.

Explore the differences between International Accounting Standard (IAS) 12 and the current U.S. GAAP rules related to accounting for income taxes. This audio recording from Deloitte's Power and Utilities IFRS Webcast Series addresses the exceptions to the general U.S. GAAP rules for rate-regulated utilities and the normalization requirements. It covered the tax analysis of accounting changes under IFRS, including the need to consider filing Form 3115s and maintaining the ability to obtain information that may no longer be maintained for financial reporting purposes.

Presenters

Mike Reno, partner, Deloitte Tax LLP
Chris Barton, director, Deloitte Tax LLP

Moderator

Bill Graf, partner, Deloitte & Touche LLP

As used in this document, ‘Deloitte’ means Deloitte LLP (and its subsidiaries). Please see  www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

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