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I've been informed that IFRS doesn't allows general provisions nowdays. But what about US GAAP? Specifically provisons for corporate tax expense and defferred tax liability?
in General IFRS Discussion by

1 Answer

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Both US GAAP & IFRS require provisions for corporate income tax and deferred tax. Income / deferred tax is governed by IAS 12 under IFRS. Under US GAAP it is ASC 740 which governs income / deferred tax.

Check out following resources for more details on the rules & principles used by IAS 12 & ASC 740

http://mcgladrey.com/pdf/ifrs_income_taxes.pdf
http://www.pwc.com/en_US/us/cfodirect/assets/pdf/insight/5190.pdf
http://www.pwc.com/gx/en/mining/school-of-mines/2012/pwc-current-issues-in-income-tax-accounting-us-gaap-and-ifrs-pt-1.pdf
by Level 2 Member (3.9k points)


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