Podcast: IRA & CHIPS refundable credits

This third installment in our series on the new IRA and CHIPS legislation covers accounting for refundable credits.

John Barbagallo

John Barbagallo

Managing Director, Dept. of Professional Practice, KPMG US

+1 212-954-7258

Ashby Corum

Ashby Corum

Partner, Washington National Tax, KPMG US

+1 313-230-3361

Meredith Canady

Meredith Canady

Partner, Dept. of Professional Practice, KPMG US

+1 212-909-5858

Podcast overview

Ashby Corum, KPMG Washington National Tax partner, and Meredith Canady, KPMG 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 – with a focus on accounting for refundable credits.


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

Relevant dates

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