Deferred Tax Tool
The treatment of deferred taxes in the annual IFRS financial statements and the preparation of the required disclosures for the notes pose great challenges for companies.
For this reason FAS AG has developed a comprehensive MS Excel-based Deferred Tax Tool, which provides detailed assistance in fulfilling the requirements of IAS 12.
Based on the data entered, such as tax account 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 deferred tax assets and deferred tax liabilities. Data from the previous year can be automatically transferred from the relevant tool from the previous year. Furthermore, deferred taxes on tax loss carryforwards are calculated separately for up to two different types of tax. In this regard, the tool takes into account temporary tax loss carryforwards and, if necessary, automatically writes down the deferred taxes presented on the basis of tax planning. Necessary write-downs on deferred tax assets are also made automatically on the basis of tax planning and documented accordingly.
The tool supplies the necessary information for notes disclosure according to IAS 12 and supports the company in preparing the IFRS tax reconciliation by providing a standardised form for tax reconciliation into which information from the Deferred Tax Tool calculations is automatically entered.
Aside from the amounts to be posted to short-term and long-term deferred tax assets and liabilities, the FAS AG Deferred Tax Tool supplies detailed information about the composition of the tax expense, deferred taxes on tax loss carryforwards, as well as non-recognition of deferred taxes on tax loss carryforwards. It also shows the deferred taxes per balance sheet item 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 can also be adjusted and expanded as required for almost all company purposes.
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You can request further information about the Deferred Tax Tool using our contact form.
