In light of growing international interest and scrutiny of corporate practices we set out to explore how three major aspects of governance – the role of culture, board composition and strategic planning – are affecting businesses around the world.
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04 Aug 2015
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IFRS
Yu-Ming Lo
01 Jun 2009
Deferred tax - A Chief Financial Officer's guide to avoiding the pitfalls
Yu-Ming Lo
01 Jun 2009
Preparation of financial statements under International Financial Reporting Standards (IFRS) requires the application of IAS 12 Income Taxes (IAS 12). IAS 12 is not new. However, for many finance executives, the concepts underlying the computation of deferred tax are not intuitive. IAS 12 takes a mechanistic approach to the computation but also requires significant judgement in some areas. Also, applying the concepts of IAS 12 requires a thorough knowledge of the relevant tax laws. For all these reasons, many Chief Financial Officers (CFOs) find the calculation of a deferred tax provision causes significant practical difficulties.
The guide is intended for CFOs of businesses that prepare financial statements under IFRS. It illustrates IAS 12's approach to the calculation of deferred tax balances but is not intended to explain every aspect of the standard in detail. Rather, it summarises the approach to calculating the deferred tax provision in order to help CFOs prioritise and identify key issues. To assist CFOs with these application issues, the guide also includes interpretational guidance in certain problematic areas of the deferred tax calculation.
For further information on the guide or the issues raised in it, please contact us.
