Tax Control Manager updated Sep-29-2020
The presentation of the tax position in financial statements (Tax Accounting) has gained in importance in recent years due to increased public focus on tax avoidance and evasion and the increasing demand for transparency. Public deficits due to COVID-19 support packages will only trigger more public attention to tax affairs.
We have updated the Tax Accounting collection with new information to support our clients in this respect. The chapters now contain various practical checklists, for example on deferred tax assets recognition and recommended priorities from a tax risk management perspective. Other additions include:
• A rewritten section on tax reporting, since many corporations now need to report on tax due to regulations and guidance that do not stem from accounting and disclosure requirements under IFRS. The latest developments have been covered, amongst others those related to GRI 207: Tax 2019
• Guidance on how digital services and COVID-19 government relief packages should be treated for IAS 12 purposes
• The impact of COVID-19 on IFRS reporting and deferred tax calculation
• Special COVID-19 guidance for banks and insurance companies, in addition to the latest developments with respect to Basel IV