Intelligent reflecting surfaces (IRSs) have been regarded as a promising enabler for future wireless communication systems. In the literature, IRSs have been considered power-free or assumed to have constant power consumption. However, recent experimental results have shown that for positive-intrinsic-negative (PIN) diode-based IRSs, the power consumption dynamically changes with the phase shift configuration. This phase shift-dependent power consumption (PS-DPC) introduces a challenging power allocation problem between base station (BS) and IRS. To tackle this issue, in this paper, we investigate a rate maximization problem for IRS-assisted systems under a practical PS-DPC model. For the single-user case, we propose a generalized Benders decomposition-based beamforming method to maximize the achievable rate while satisfying a total system power consumption constraint. Moreover, we propose a low-complexity beamforming design, where the powers allocated to BS and IRS are optimized offline based on statistical channel state information. Furthermore, for the multi-user case, we solve an equivalent weighted mean square error minimization problem with two different joint power allocation and phase shift optimization methods. Simulation results indicate that compared to baseline schemes, our proposed methods can flexibly optimize the power allocation between BS and IRS, thus achieving better performance. The optimized power allocation strategy strongly depends on the system power budget. When the system power budget is high, the PS-DPC is not the dominant factor in the system power consumption, allowing the IRS to turn on as many PIN diodes as needed to achieve high beamforming quality. When the system power budget is limited, however, more power tends to be allocated to the BS to enhance the transmit power, resulting in a lower beamforming quality at the IRS due to the reduced PS-DPC budget.