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Section 3465 - Income Taxes - Taxes Payable Method

This Section establishes standards for the recognition, measurement, presentation, and disclosure of income and refundable taxes in an enterprise’s financial statements. However, it does not apply to accounting for investment tax credits (see Section 3805).

An enterprise must make an accounting policy choice to account for income taxes using either:

  1. The taxes payable method
  2. The future income taxes method

Under the taxes payable method, only current income tax assets and liabilities are recognized.

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Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.

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