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Using IAS-based accounts to compute taxable profits

Category Technical Articles
AuthorTechnical Department
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.

To download the article in Adobe (pdf) format, please click on the link below.

Technical Department
020 7235 9381

April 2004 by Colin Davis


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