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Mohammed Amin's Finance and Treasury Blog is Powered by Typepad and was started in October 2005.
Mohammed Amin is a Specialist in Taxation of Foreign Exchange, Derivatives, and Corporate Debt at PriceWaterHouseCoopers.
The blog currently features the following advice on implications when changing from UK GAAP (Generally Accepted Accounting Principles) to EU-endorsed IFRS (International Finance Reporting Standards):
"Very briefly, changing from UK GAAP to IFRS will have three possible implications for the computation of profits for accounting and tax purposes."
- Profits may be accelerated. In certain cases, IFRS requires faster revenue recognition than does UK GAAP. Under IFRS may require them to be recognised immediately upon receipt as income.
- Profits may be decelerated. IFRS may require a higher level of provisioning for certain types of risk, or otherwise defer the recognition of income.
- There may be little change.