The increasing divergence between accounting practice and taxation law: the case of in-substance debt defeasance
Source: Australian Tax Forum Journal Article
Published Date: 1 Jan 2005
A perennial issue of debate is the merit of aligning accounting practice and taxation law. The adoption of international financial reporting standards (IFRS) on 1 January, 2005 will result in changes to Australian accounting practice, thereby disturbing any degree of alignment that currently exists. This article will examine this in the context of in-substance debt defeasance arrangements. Doing so will demonstrate the disparity between the proposed accounting and existing tax treatment of the insubstance defeasance of debt and serve as one example of the widening divergence between accounting practice and taxation law upon the adoption of IFRS.
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Details
- Published By: Dean Hanlon, Les Nethercott
- Published On:1 Jan 2005
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