Deferred Tax Tool
The treatment of deferred taxes in the annual financial statement according to IFRS and the preparation of the information necessary for the notes pose great challenges to companies.
For this reason FAS AG has developed an extensive Deferred Tax Tool on the basis of MS Excel which provides detailed assistance in fulfilling the requirements of IAS 12.
Based on the data entered such as the tax and IFRS balance sheet data and the sub-division of differences into short-term, long-term or permanent, deferred taxes are calculated and divided into short-term or long-term as well as deferred tax assets and deferred tax liabilities. Data from the previous year can thus be transferred automatically from the relevant tool from the previous year. Furthermore, deferred taxes are separately calculated for up to two different types of taxes on tax losses carried forward. In doing so the tool takes into account limited term tax losses carried forward and, if necessary, makes an automatic cumulative value adjustment to the deferred taxes thus presented on the basis of tax planning. Necessary cumulative value adjustments to asset deferred taxes are also automatically made on the basis of the tax planning and documented accordingly.
The tool supplies the necessary information for notes disclosure according to IAS 12 and supports the company in the preparation of the IFRS tax rate reconciliation. This is done using a standardised form for tax rate reconciliation in which information from the Deferred Tax Tool’s calculations is automatically entered.
The FAS AG Deferred Tax Tool supplies detailed information about the composition of tax expenditure, deferred taxes on tax losses carried forward as well as non-capitalising deferred taxes on tax losses carried forward. This is alongside the output of amounts to be booked as short-term and long-term deferred taxto assets and , deferred tax liabilities. Apart from this it also shows the deferred taxes per caption in the balance sheet and additional information for the notes to the financial statements.
The tool can be used in English and German and can be switched between these two languages. It is also characterised by the fact that it can be adjusted and expanded for almost all company purposes.
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You can request further information about the Deferred Tax Tool using our contact form.
