KPMG - Converting to IFRS: Accounting for Income Tax

The Canadian Accounting Standards Board’s recently released omnibus exposure draft "Adopting IFRS in Canada" is a significant milestone in the move to incorporate the International Financial Reporting Standards (IFRS) into the CICA Accounting Handbook. While IFRS is similar to Canadian GAAP in many respects, there are numerous measurement and recognition differences. As IFRS will impact companies’ reported pre-tax profits, tax professionals need to understand these differences — both on adopting IFRS and on an ongoing basis — to determine the appropriate tax treatment on a company’s tax return and tax provision calculation. (For more information, see KPMG "Converting to IFRS - Get Ready for Revised Accounting for Income Tax Standard.")