IAS 12Chapter 11Lesson 1
The tax note: components, balances by nature, unrecognised losses, contingencies
Step 1 of 8Learning objectives
Go deeper+2 deeper insights · +1 point of attention
The tax note explains the expense and the balances: major components of the expense (current, deferred, rate effects, prior losses used, write-downs of deferred tax assets…), tax on each component of OCI, deferred tax balances and changes by type of difference, unrecognised amounts (deductible differences, losses and credits, differences on investments), evidence for assets that depend on future profits, and tax contingencies under IAS 37.
22 minNot started
Learning objectives
- Identify the components of tax expense and the disclosures by type of difference.
- Prepare the tax note: components, balances by nature, unrecognised amounts, tax contingencies.
- Determine when to disclose the nature of the evidence for a deferred tax asset and the judgements linked to a tax uncertainty.