Podcast: IRA & CHIPS – IFRS® Accounting Standards

Podcast overview

Ashby Corum, KPMG Washington National Tax partner, and Jenna Terrell, KPMG Department of Professional Practice managing director, join host John Barbagallo in another installment of our podcast series on the accounting implications of the recently enacted IRA and CHIPS legislation under IFRS Accounting Standards. 

Applicability

• Companies subject to US federal tax law that prepare financial statements in accordance with IFRS Accounting Standards

Relevant dates

• CHIPS enactment: August 9, 2022
• Inflation Reduction Act enactment: August 16, 2022
• For dates relating to specific provisions, see KPMG publication Analysis and observations: Tax law changes in the "Inflation Reduction Act"

Podcast contents

• 00:15 – Introduction
• 00:55 – New ways to monetize tax credits
• 02:15 – Accounting for refundable, transferable, and nonrefundable, nontransferable credits
• 05:40 – New Corporate AMT
• 07:40 – Accounting for the new AMT
• 09:20 – How the new excise tax on share repurchases works
• 10:30 – Accounting for the new excise tax