The following Corporation Tax guidance note Produced by Tolley in association with Malcolm Greenbaum 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 the US GAAP ― uncertain tax positions guidance note.
It is worth noting that certain phrases under US GAAP have a different meaning to those under IFRS. These include:
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
What is quick succession relief?Quick succession relief (QSR) reduces the tax payable when the same property has been subject to more than one charge to IHT. It applies where there have been two chargeable transfers on which tax is payable within a period of five years.Although commonly called QSR,
OutlineWhen a property investor grants a lease, potentially this could be done on the basis that the tenant pays a premium for the initial grant of the lease, in addition to also paying rent over the term of the lease. In the absence of specific legislation to the contrary, such premiums would all
What is an accumulation and maintenance trust?An accumulation and maintenance (A&M) trust is a particular type of settlement intended to make provisions for children and young adults up to the age of 25. The key feature is that trustees are given discretion over how to use the income for the benefit
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are