From January 1, 2010 the Portuguese system of financial accounting and reporting is based on the International Financial Reporting Standards （IFRS）. In Portugal, the taxable income of companies is derived from the a...From January 1, 2010 the Portuguese system of financial accounting and reporting is based on the International Financial Reporting Standards （IFRS）. In Portugal, the taxable income of companies is derived from the accounting profit/loss. Adjustments are made to this figure to compute the taxable income. In this paper I will highlight the accounting and tax treatment of impairment losses in tangible assets, provisions, and the fair value method, concluding that the gap between accounting and tax rules did not diminish with the new system. In every one of the mentioned topics the rules inserted in the corporate tax code are quite different from the IFRS based accounting statements. Thus, an opportunity was lost to move towards a more harmonized system of computing book and tax income as far as corporate income tax is concerned展开更多
文摘From January 1, 2010 the Portuguese system of financial accounting and reporting is based on the International Financial Reporting Standards （IFRS）. In Portugal, the taxable income of companies is derived from the accounting profit/loss. Adjustments are made to this figure to compute the taxable income. In this paper I will highlight the accounting and tax treatment of impairment losses in tangible assets, provisions, and the fair value method, concluding that the gap between accounting and tax rules did not diminish with the new system. In every one of the mentioned topics the rules inserted in the corporate tax code are quite different from the IFRS based accounting statements. Thus, an opportunity was lost to move towards a more harmonized system of computing book and tax income as far as corporate income tax is concerned
