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Podcast overview

Ashby Corum, ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Washington National Tax partner, and Meredith Canady, ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Department of Professional Practice partner, join host John Barbagallo in another installment of our podcast series on the accounting implications of the recently enacted IRA and CHIPS legislation â€� with a focus on accounting for refundable credits.

Applicability

• All US taxpayers using refundable credits in the IRA and CHIPS legislation

Relevant dates

• CHIPS enactment: August 9, 2022
• Inflation Reduction Act enactment: August 16, 2022
• For dates relating to specific provisions, see ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø publication Analysis and observations: Tax law changes in the "Inflation Reduction Act of 2022"

Podcast contents

• 00:20 - Introduction
• 01:10 - How refundable credits work
• 02:05 - How refundable credits might change the model for investors in energy deals
• 03:10 - Accounting for refundable credits as government grants
• 04:45 - How the IAS 20 model works
• 06:20 - Challenges with bonus credits in the IAS 20 model
• 07:20 - Accounting under the IAS 20 model 
• 09:50 - Other acceptable government grant analogies 
• 10:45 - FASB project on government grant accounting