The following Corporation Tax guidance note Produced by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:
IAS 12 imposes a significant number of tax disclosures on a company. These are set out in IAS 12, paras 79 to 88.
The guidance note is split into two parts. Below is a list of all of the disclosures required by IAS 12 and separately there is an example tax note with commentary (see the guidance note IFRS ― example tax note).
The following list is also available as a template in Word format, see Checklist ― IFRS tax disclosure requirements.
The following should be separately disclosed:
current tax expense (income)
any adjustments recognised in the period for current tax of prior periods
the deferred tax expense (income) relating to the origination and reversal of timing differences
the amount of deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes
the amount of the benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense
the amount of benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce deferred tax expense
deferred tax expense arising from the write down or reversal of a previous write down
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