International Financial Reporting Standards: Income Tax Considerations For Power & Utilities

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Executive Summary

Several foreign-owned U.S. Power and Utility (P&U) companies have converted to International Financial Reporting Standards (IFRS) for shareholder reporting purposes. However, most U.S.-based P&U companies are just beginning to consider how a conversion from U.S. Generally Accepted Accounting Principles (U.S. GAAP) would affect their financial reporting. The many P&U companies subject to rate regulation by governmental bodies face additional issues and challenges that companies in other industries do not face. Further, it is possible that rate-regulated companies, already subject to regulatory accounting and reporting standards that differ from U.S. GAAP and Securities and Exchange Commission (SEC) reporting requirements.

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