A Guide to Tax Allocation with iGAAP

CCH and the Grant Thornton CPA firm have combined to produce the IFRS Tax Manager, which is designed to help accounting professional handle auditors and accounting and tax professionals to understanding the impact that IFRS and convergence will have on financial reporting and taxation (an obvious example: income tax allocation). The complete text of IAS 12, 34 and 37 are included; additionally, Grant Thornton developed a list of 60 "frequently asked" questions related to the tax impact of IFRS convergence.

Congratulations to CCH and Grant Thornton on this project. Interperiod tax allocation is tricky enough with the more familiar U. S. GAAP; who knows (save possibly Grant Thornton) what new tax allocation issues will come with convergence.

NOTE: This is likely to be my last post this week. Happy Thanksgiving to all my readers.