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Uncertainty Over Income Tax Treatments

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Uncertainty over income tax treatments Draft IFRIC aims to reduce diversity 23 October 2015 kpmg.com/ifrs


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Reflecting tax uncertainty in financial statements A new draft IFRIC seeks to clarify the accounting for income tax treatments that have yet to be accepted by tax authorities, whilst also aiming to enhance transparency. The impact of the proposals will depend on your current accounting. While we welcome the greater clarity and transparency, this is a sensitive issue that has generated much controversy. We urge you to read the proposals and participate in the debate. Sanel Tomlinson KPMG’s global IFRS income taxes leader © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 1


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What’s the issue? Tax is a sensitive topic, triggering debate about tax transparency both within and beyond the board room Tax So how do you reflect uncertainty in accounting for income tax? © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2


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1 The proposals © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 3


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The proposals Whose perspective? The proposals focus on… Tax authorities Users of financial statements © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 4


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The proposals When would you provide for uncertainty? Yes: Is it probable that the tax authority would accept the treatment? No: = ≠ Assume that the tax authority would have full knowledge of all relevant information © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 5


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The proposals How would you measure uncertainty? If it’s not probable that the tax authority would accept the treatment, reflect that uncertainty using… the most likely amount or …whichever provides a better prediction the expected value © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 6


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The proposals What happens later on? the time limit for tax inspections Specific guidance would be applied, based on… new evidence such as inspections, court cases, clarifications If circumstances change, you’d need to update the amount in the financial statements © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 7


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2 The impacts Accounting and disclosures © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 8


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The impacts Accounting Depending on your current accounting and jurisdiction… Your current practice may change You may need to increase the tax liability or recognise an asset. The timing of derecognition may also change Tax inspections may not give visibility It may be more complex to estimate the amount of income tax if various taxes are assessed together © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 9


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The impacts Disclosures Judgements made Users may expect more meaningful disclosures about… Assumptions and other estimates used …albeit under existing disclosure requirements Potential impact of uncertainties not reflected © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 10


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3 Transition options and timeline © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 11


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What are the proposed transition options? You would have a choice between: retrospective application under IAS 8 or on initial application, adjusting equity without adjusting comparative information 1 January 20X6 1 January 20X7 Start of comparative period Start of year of initial application © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 12


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Timeline 21 October 2015 19 January 2016 Effective date IFRS IC proposals issued Comment deadline To be determined © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 13


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Next steps Read the proposals Talk to your tax specialists and advisers Comment on the proposals by 19 January 2016 © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 14


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kpmg.com/socialmedia kpmg.com/app © 2015 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


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