Tax Accounting and Disclosures (FRS 102)

Objectives

To understand the key principles in accounting for deferred tax applying FRS 102 and its relationship with current tax. It will provide details of disclosure requirements including the tax reconciliation note in the financial statements.

Key topics

• The concept of deferred tax and the impact on the financial statements
• Accounting for deferred tax in common areas, e.g. property, plant and equipment
• Timing differences vs permanent differences
• Accounting for changes in tax rate
• The relationship with current tax and the presentation requirements in the tax reconciliation note
• Recognition principles of deferred tax assets
• An overview of the presentations and disclosure requirements in the financial statements

Who should attend

All levels of staff in practice involved in preparing or auditing financial statements prepared under UK GAAP.