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There is substantial uncertainty as to what will transpire in relation to specific tax arrangements. There are a number of potential tax exposures which arise as a result of the UK leaving the EU. The carrying amount of a non-depreciable asset (eg., land) can only be recovered through sale.. For other assets, the manner in which management expects to recover the asset (that is, through use or through sale or through a combination of both) is considered at each balance sheet date. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. IAS 12 requires that current and deferred tax balances should be measured based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period. These examples are based on illustrative examples from the IFRS for SMEs. IAS 12: Income Taxes. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity.
These changes are known as the ‘Tax Cuts and Jobs Act’ (the 2017 Act).
Judgement is required to determine which standard applies. These examples represent how the requirements of IAS 7 to present the Statement of Cash Flows and segment information for cash flows might be met using detailed XBRL tagging. The notes have been tagged using both block tagging and detailed tagging. The accounting standard IAS 12 sets out the accounting treatment for income taxes, including all domestic and foreign taxes which are based on taxable profits and those payable by a subsidiary, associate or joint venture on distributions to the reporting entity. Our view of IAS 12’s accounting requirements is that giving notice under article 50 substantively enacts the UK’s withdrawal from the EU, but the effects of that withdrawal on tax legislation are uncertain and might depend on what is contained in any 'withdrawal agreement'. BC36), Recognition of Deferred Tax Assets for Unrealised Losses (2016 amendments) (paras. These examples represent how some of the disclosures required by IFRS 13 (in paragraphs 93 and IE60-63) in relation to fair value measurement might be tagged using detailed XBRL tagging.
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Tax payable based on taxable profit seldom matches the tax expense that might be expected based on pre-tax accounting profit. BetterRegulation.com © 2020 All rights reserved. Let’s call her Jess (not her real name! 1-4) Definitions (paras. IAS 12 requires that current and deferred tax balances should be measured based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.