IFRS asks some taxing questions (TT Sep04 p28-30)

The EU Regulation 1606/2002/EC’s requirement for the use of International Financial Reporting Standards (IFRS) for the consolidated accounts of group companies raises a number of important tax questions for corporates in Europe. In most countries of the world, companies do not pay taxes based on their consolidated group accounts. Instead, they file tax returns, based upon the profits reported in their own individual company accounts.