Refund of U.S. Tariffs and Disclosure in IAS Financial Statements

The possible illegitimacy of tariffs introduced under the IEEPA raises assessment and disclosure issues, pursuant to IAS 37, with regard to potential tariff refunds

The contribution published by Eutekne analyses the accounting implications arising from the possible illegitimacy of U.S. tariffs introduced under the IEEPA, in light of the ruling issued by the U.S. Supreme Court. The contribution focuses on the treatment of potential tariff refunds under IAS 37, examining the qualification of contingent assets, the conditions for recognition in the financial statements and the related disclosure obligations for entities preparing accounts under IAS/IFRS standards.

Author

IPG, Luca Malfatti

Activity area

Compliance, Tax Law

Sectors

Aerospace, Automotive, Finance

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IPG Journal

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IPG Journal