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Pillar Two: assessing the impact on the UK FTSE 100

The expected impact of the new Pillar Two regime is starting to unfold as the first UK groups have filed their calendar year-end consolidated accounts, write Alistair Nichol and Lavina Hassasing (Evelyn Partners).

The IASB issued an update to IAS12 to include a mandatory temporary exception from providing for deferred tax on anticipated top-up taxes as jurisdictions implement the various elements of the OECD’s global minimum tax regime ‘Pillar Two’. Alongside the temporary exception to recognition IAS12 was updated to set out what is and is not required with regard to disclosure.

The first UK groups required to reflect the updated IAS12 in their financial statements are those with a calendar year-end reporting their YE23 results. For FTSE100 companies group accounts have now been filed and we thought it would be interesting to undertake some analysis of how groups have interpreted the disclosure...

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