PBR follow-up: PwC welcomes IAS moves
PricewaterhouseCoopers has welcomed moves by the government to ensure that companies moving to International Accounting Standards will receive the same tax treatments as those using UK GAAP.
It did however warn that there is still much work to do in order to satisfy companies that the measures will work.
‘Consultation and dialogue with the Inland Revenue will be essential,’ said Gillian Wild, tax director at PwC. ‘We are aware of a number of areas where the tax implications of choosing IAS for accounts may create issues for companies. For example, if the impact in the year of transition to IAS is an acceleration of tax payments.’