Tax disclosures under IFRS

Produced by Tolley in association with

Corporation Tax

Guidance

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.

Required disclosures

IAS 12.79 and IAS 12.80

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

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Malcolm Greenbaum

Director and Principal Trainer at Greenbaum Training and Consultancy Limited

Malcolm is a UK Chartered Accountant and Chartered Tax Advisor winning the John Wood Medal in the November 1995 CIOT sitting for the best paper on business taxation. He was previously Director of Finance and Taxation Programmes at BPP Professional Education and has delivered IFRS, US GAAP, UK Tax and VAT training (at all levels from an introduction to the complexities of IAS 39) to a multitude of organisations world-wide since 1992. Malcolm has particular experience in delivering bespoke training programmes to multi-nationals in the financial services, transport and energy sectors as well as delivering UK tax and VAT update programmes to accounting and law firms. He is passionate about training and his enthusiasm ensures that the participants enjoy the learning experience whilst gaining knowledge through their engagement in the sessions and through encouraging them to ask questions and discuss practical issues they may have. Malcolm also provides consultancy services to companies and accounting firms, including provision of VAT advice, reviewing accounting policy manuals and advising on accounting treatments of various transactions. In his spare time, Malcolm enjoys flying having gained a Private Pilot's Licence in 2014.

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