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US GAAP provides guidance on the accounting for income taxes in the separate financial statements of an entity that is part of a consolidated tax group.
US GAAP
IFRS
The consolidated current and deferred tax amounts of a group that files a consolidated tax return should be allocated among the group members when they issue separate financial statements using a method that is systematic, rational and consistent with the broad principles of ASC 740. An acceptable method is the “separate return” method. It is also acceptable to modify this method to allocate current and deferred income taxes using the “benefits-for-loss” approach.
An entity issuing financial statements is not required to allocate income tax expense to a legal entity that is both not subject to tax and disregarded by the taxing authority (e.g., single member LLCs), but an entity may elect to do so. This accounting policy election may be applied on an entity-by-entity basis even if the separate entities are included in the same consolidated income tax return.
There is no specific guidance under IFRS on the methods that can be used to allocate current and deferred tax amounts of a group that files a consolidated tax return among the group members when they issue separate financial statements.
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