Corporation Tax

FRS 101 ― current and deferred tax

Produced by Tolley in association with Malcolm Greenbaum
  • 08 Feb 2022 09:23

The following Corporation Tax guidance note Produced by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:

  • FRS 101 ― current and deferred tax
  • Introduction

FRS 101 ― current and deferred tax

Introduction

FRS 101 (Reduced Disclosure Framework) requires the use of International Financial Reporting Standards (IFRS) for the recognition of current and deferred tax. The principles are contained in IAS 12.

There are no disclosure exemptions for current and deferred tax under FRS 101 and therefore IAS 12 must be applied in full. For further details on accounting for current and deferred tax under IAS 12, see the following guidance notes:

  1. IFRS introduction

  2. Tax disclosures

  3. Temporary differences

  4. IFRS ― example tax note

For background information on which entities would adopt FRS 101 and the date from which

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

There's no margin for error. Think Tax.
Think Tolley.

TolleyGuidance gives you direct access to critical, comprehensive and up-to-date tax information and expertise you can rely on.

TAKE A FREE TRIAL

Popular Articles

Using the spouse exemption

Arguably, the most important exemption from IHT is the married couple / civil partner exemption.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’). The exemption applies to inter-spouse

23 Mar 2022 10:52 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Close companies

Generally speaking, inheritance tax (IHT) is charged only on transfers of value by individuals and trusts. However, to prevent avoidance of the tax, the charge is extended to participators in close companies where:•a close company makes a transfer of value, or•the share capital or loan capital of a

23 Mar 2022 10:53 | Produced by Tolley Read more Read more

Pilot trusts and Will planning

A ‘pilot trust’ is one that holds a nominal amount of property (typically a small sum of cash) and does not become active until further funds are added later. The later addition is sometimes made on the client’s death by a gift in his Will. The use of pilot trusts in conjunction with Wills became a

23 Mar 2022 10:45 | Produced by Tolley Read more Read more