Stephanie Hurst and Kip Linton (Deloitte) provide a practice guide.
There are key activities that tax teams should be undertaking ahead of year-end: understanding the tax accounting implications of recent tax law changes and proposals; and planning out the provision process. This article considers how tax teams can get ahead in their year-end activities.
Assessing implications of tax law changes
Each year new tax legislation provides tax teams with provisioning challenges. Finance Act 2016 was ‘substantively enacted’ and ‘fully enacted’ on 6 and 15 September 2016 respectively. As a result the deferred tax impact of the changes introduced by FA 2016 should be recognised in year-end results under IFRS/FRS 101 FRS 102 and US GAAP.
The headline change for many UK reporters is the reduction of the main rate of...
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Stephanie Hurst and Kip Linton (Deloitte) provide a practice guide.
There are key activities that tax teams should be undertaking ahead of year-end: understanding the tax accounting implications of recent tax law changes and proposals; and planning out the provision process. This article considers how tax teams can get ahead in their year-end activities.
Assessing implications of tax law changes
Each year new tax legislation provides tax teams with provisioning challenges. Finance Act 2016 was ‘substantively enacted’ and ‘fully enacted’ on 6 and 15 September 2016 respectively. As a result the deferred tax impact of the changes introduced by FA 2016 should be recognised in year-end results under IFRS/FRS 101 FRS 102 and US GAAP.
The headline change for many UK reporters is the reduction of the main rate of...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
