International Journal of Business, Management and Commerce (IJBMC)

In the United States, as well as in other countries the adoption of International Financial Reporting standards marks a dramatic shift in some accounting principles. The purpose of this research is to identify the impact of International Financial Reporting Standards adoption on Corporate Income Taxation (IFRS). IFRS is a set of accounting standards developed by the International Accounting Standards board, with the intent of these standards being able to be applied on a global basis consistently. This research will examine the effect on corporate taxation based on the ongoing convergence project of the International Financial Reporting Standards. In particular this research will examine IFRS effects on United States companies, based on the differences aligned in United States Generally Accepted Accounting Principles. This research, through the review of literature from major accounting journals will further investigate the impact, if any, on Corporate Income taxation calculation, and reporting, for entities that are currently operating under the Generally Accepted Accounting Principles (GAAP).