Using IAS-based accounts to compute taxable profits

Article by Colin Davis, CIOT Technical Officer. This article appeared in the April 2004 issue of Tax Adviser magazine. The use of international accounting standards (IAS) will become compulsory for European Union listed group accounts. It seems clear that UK generally accepted accounting practice (GAAP) will converge with IAS over the next few years. To the extent that UK GAAP forms a key basis for the computation of UK taxable profits, and that IAS differs in accounting theory and practice from UK GAAP as traditionally understood, significant issues are raised for the UK corporation tax system.

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April 2004 by Colin Davis