A discussion with Siva about the AASB Interpretation published last year that could have an impact on tax accounting for some corporates. The discussion will focus on the accounting and disclosures for certain tax treatments that may arise from applying AASB Interpretation 23, and what entities will have to do in preparation to comply with these requirements. The discussion will also consider some wider implications including how these requirements might impact on the regulatory approach of taxation authorities including the Australian Taxation Office (ATO).
01:27 – understanding the distinction between accounting standards and accounting interpretations and how these are applicable when preparing financial statements
03:27 – why the IFRS Interpretations Committee considered it necessary to develop AASB Interpretation 23
04:55 – do entities have to consider uncertainties surrounding only income taxes, or does this affect uncertainties surrounding other taxes as well?
05:51 – when should an entity consider that a tax treatment is uncertain?
11:53 – what should an entity do when there is a change in circumstances?
13:34 – whether some new accounting requirements change the way in which entities conduct their business operations
14:06 – which entities in Australia are going to be affected by Interpretation 23 and from when?
17:10 – exploring the differences between the ATO requirement and Interpretation 23
18:39 – what’s involved in the requirement to lodge general purpose financial statements with the ATO