The following Corporation Tax guidance note by Tolley in association with Nick Watson provides comprehensive and up to date tax information covering:
This guidance note relates to the aspects of ASC 740 which were previously known as FAS 109.
The concepts underlying FAS 109 are similar to those under IFRS and therefore this note gives an overview of the main differences between the two standards along with practical examples. The differences discussed below are based on those identified jointly by the IASB and FASB as being the most significant when the two boards were considering converging the accounting for income taxes under IFRS and US GAAP.
There are some specific accounting rules in FAS 109 which apply to specific types of US companies such as Steamship Enterprises. These are outside the scope of this note as they are unlikely to be of application to UK readers.
In respect of accounting for uncertain tax positions and tax exposures, please see US GAAP - uncertain tax positions.
It is worth noting that certain phrases under US GAAP have a different meaning to those under IFRS. These include:
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