The international standardization system is used to facilitate the exchange of data between countries. IFRS applies Russian companies participating in foreign enterprises - banks, insurance companies and when conducting auctions or investment activities... Among domestic organizations, the formation of accounting and reporting in accordance with IFRS is a prerequisite for the activities of commercial banks. In this article we will talk about income tax under IFRS 12, consider the accounting procedure.

IFRS is a certain procedure for assessing accounting objects, a list of mandatory documents and the basis for entering information into reporting. The fundamental principles of international standardization are the accessibility of the format for presenting information, the absence of distortions of indicators, the interconnection between the reporting periods. The information should not reflect the interests of a group of persons and have the value of information for acceptance economic solutions.

Objectives Achieved by IAS 12

The main elements of international reporting standardization are assets, costs, liabilities, profit, equity. The standard that provides for the disclosure of information about profit is IFRS 12. For accounting for profit, when using the standard, the terms used in the world document circulation are used. The need for unification of operations and terms arose in connection with the development of interconnections in the economy, the creation of companies conducting joint activities.

Differences in the application of the provisions of the standards

When developing PBU 18/02, the provisions of the international standard were used to bring the domestic and international reporting... The difference in the provisions of the two types of standards is the purpose of the application. The domestic standard is aimed at the correct formation of the financial result, the international - at the detailed disclosure of the information received and the satisfaction of the interests of external users.

The standards have a number of detailed differences.

Condition	PBU	IFRS
Constant differences	Taken into account	Not used in the standard
Understanding temporary differences	Profit-generating data for accounting purposes	The difference between the amount of an asset or liability on the balance sheet and when calculating tax base
Accounting for Prior Differences	Absence necessary conditions provisions does not allow to take into account the differences in the current reporting	The standard allows you to take into account data from earlier periods
The moment of calculating taxes and differences	During the entire period of accounting	As of the reporting date
Deferred tax accounting	Not specified	Indicated
Accounting for transactions during reorganization of enterprises	There is no data on consolidated financial statements	Disclosed cases of deferred taxes in case of mergers, business combinations

The purpose of creating the domestic standard PBU 18/02 is to create a relationship between the two types of accounting in terms of forming a base for income tax.

Accounting for income tax expenses

The main purpose of the international standard IAS 12 is to reflect the expenses of income tax, current (PTN) and deferred for payment or reimbursement for future periods (RON).

Type of expenses	Determination of the amount	Formula	Peculiarities
Current tax	Amount of the amount to be paid based on the profit received for the period current reporting	RTH = PN (profit to tax) x C (applicable tax rate)	The indicator can have both negative and positive values. The amount is not related to debt
Deferred tax	Amount of changes to assets and liabilities calculated using the balance sheet method	RON = value of IT + IT	RON size is determined by time differences

Presentation of financial information in IFRS 12

The standard defines the accounting treatment for current and deferred taxation of income. When generating financial information, a number of rules are taken into account.

Condition (indicator)	Justification
Current responsibility	Indicated in the amount that must be paid for the period according to the current rates or reimbursed according to legislative norms
Mismatch of balance sheet and tax profit	Elimination is carried out by using IT or IT. In this case, the main condition for the use of SHE is the probability of making a profit
Deferred Metrics Bets	Expected rates in the period apply.
Repayment source in case of rate change	If the expected rate changes, the difference is charged to profit or loss.

Accounting for temporary differences in the framework of standardization

The standard introduced the concept of temporary differences between profits calculated on the basis of balance sheet and tax data. The essence of the concept is that income and expenses calculated according to different data are recognized at different times. The indicator is defined as the difference between the carrying amount of an asset or liability and its tax base.

Temporary differences are subdivided into deductible values ​​that subsequently lead to a decrease in liabilities (IT) and taxable, which further increase income tax (IT). An example of a temporary difference is available when accounting depreciation charges in the case of using the premium in taxation. Part of the value of fixed assets in tax accounting is written off at a time, which determines the occurrence of temporary differences.

Using the sums SHE and IT

In the event of a difference in valuation in accounting, the application of the indicators of a deferred tax asset (SHA) and a liability (IT) is provided. The possibility of creating data is preceded by an analysis confirming the right of the subject to use the preferences. Features of data generation:

• SHE is accounted for for tax reimbursement in subsequent periods if there are deductible temporary differences or if there are losses attributed to a future reporting period.
• IT is applied if there are taxable differences in the accounting, on the basis of which tax is paid in the future.

The possibility of creating IT is available if there is evidence of the occurrence of profit in the future, the amount of which will allow to offset losses or apply the prescribed benefits.

To present reliable information, the entity must determine for each asset and liability the amount calculated at the reporting date according to the balance sheet and tax value, then determine the difference and determine IT or IT, taking into account the projected rate.

Evaluation of indicators of IT or IT and features of reflection in reporting

In the reporting, deferred indicators are accounted for at different rates, which are applied depending on the conduct of business. To create an IT or IT, you must have information about the rates used in the transfer period. A change in the rate entails a recalculation of amounts and an adjustment based on current data. Taking into account SHE and IT:

• Discounting is not carried out.
• As of the reporting date, it is necessary to make additional recognition of IT or IT in connection with the changed conditions.
• Based on the results of the assessment, it is required to reduce the ITA amount, taking into account the likelihood of a decrease in profit required for tax refund.
• In subsequent periods, increase SHE when receiving a forecast of sufficient profitability.

An example of changing the value of SHE

The enterprise received a loss in the amount of CU20 thousand. The shareholders decided to carry forward the loss at a tax rate of 20% in the amount of a deferred asset of CU4,000. e. The next year, the enterprise increased its costs by 10 thousand USD, which did not allow to reduce losses in full. Accordingly, SHE needed to be reduced by $ 2,000. (20,000 - 10,000) x 20%. If a profit occurs in the subsequent period, the size of IT is restored.

Feature of grouping information in reporting

The articles separately indicate the constituent elements of profit, grouped by the degree of disclosure:

• Detailed, detailed indicating information, established by the standard and internal company policy.
• Explaining, decoding indicators in relation to periods or among themselves.
• Other that represent information that the organization has deemed necessary to communicate to users.

The standard indicates the need to record collapsed key figures that can be offset against the total balance. The opportunity to carry out a credit transaction is available for indicators relating to the same period or contributed to the same recipient. If the asset is expected to be recovered in one year and the liability is due in two reporting periods, no offset is made.

The right to set-off arises after a number of measures have been taken, including an analysis confirming that the amount of the company's obligations will not decrease. When carrying out the offset, companies use only material data that affect economic decision-making.

Requirements for data presentation

The procedure for generating data is approved general requirements by the standards:

• The reporting contains information confirming the assessment of the state of the subject and the result of the activity.
• When entering data, the continuity and consistency of accounting is taken into account.
• Valuation of performance is recognized only when reliable evidence is available.
• Options for maintaining business models, recognition of units, individual parameters established by the organization are allowed.
• The financial statements confirm the concept of capital and provision of the required level.

Heading "Questions and Answers"

Question number 1. When does it become necessary to voluntarily report on international standards?

Subjects use international standardization to more easily provide information to foreign users. The reporting is formed by organizations wishing to attract foreign partners. When determining the need, feasibility is taken into account, since the maintenance of operations requires professional knowledge.

Question number 2. Does the regulation consider the procedure for granting government subsidies?

The standard presents information in the form of temporary differences that arise when a deduction or grant is granted.

Question number 3. Is it allowed to show collapsed data on amounts paid to different budgets?

The balanced data is indicated when it is possible to offset, which is possible only with a single recipient.

Question number 4. How many periods are considered when presenting the first IFRS statements?

The reporting, presented for the first time in accordance with international standards, covers 2 calendar annual periods - the current and the previous one.

Question number 5. Which entities apply the Russian standard?

The Regulation is used by all organizations that apply the generally established taxation system and maintain full accounting records. The standard is mandatory for entities paying income tax. They do not use the standard of small business organizations, which is enshrined in internal acts.

IFRS 12 "Income Taxes" provides for accounting rules and general order reflection in the financial statements of calculations for income tax. This standard applies to all national and foreign taxes based on income tax.

The main question in accounting for income tax: how to account for not only current, but also future tax liabilities that will arise as a result of the recovery of the value of assets or the settlement of liabilities included in the balance sheet as of the reporting date? For this, the mechanism of deferred taxes is applied. Let's consider the main terms and definitions of IFRS 12.

Accounting profit is understood as the net profit or loss for the period before deducting tax expenses.

Taxable profit (tax loss) represents the profit (loss) for the period, determined in accordance with the rules established by the tax authorities, in respect of which income tax is paid (reimbursed).

Current taxes is the amount of income taxes payable (refundable) in relation to taxable profit (tax loss) for the period.

Deferred tax liabilities are made up of the amounts of income tax payable in future periods in connection with taxable temporary differences.

Deferred tax assets represent income taxes recoverable in future periods due to:

With deductible temporary differences;

Carried over to future period unaccepted tax losses;

Unused tax credits carried forward.

Temporal differences is the difference between the carrying amount of an asset or liability and its tax base. It should be borne in mind that temporary differences can both increase tax liabilities and reduce them. Based on this, temporary differences are divided into differences that increase tax liabilities (taxable) and decrease tax liabilities (deductible).

Thus, temporary differences can be:

Taxable, i.e. giving rise to taxable amounts in determining taxable profit (tax loss) in future periods when the carrying amount of the asset or liability is recovered or settled;

Subtracted, i.e. they result in deductions in determining future taxable profit (tax loss) when the carrying amount of the related asset or liability is recovered or settled.

Tax base of an asset or liability represents the amount of this asset or liability assumed for tax purposes.

It should be noted that the tax base of an asset can be interpreted as an amount that reduces the amount of economic benefits that will be received by the enterprise as a result of the settlement or receipt of the carrying amount of the asset. If the economic benefits are not subject to taxation, then the tax base of the asset will coincide with its carrying amount.

Example. For accounting purposes, an item of fixed assets worth $ 300 thousand has a term useful use five years and for tax purposes three years. Residual value object according to the balance sheet by the end of the second year is 180 thousand dollars, and the tax base is 100 thousand dollars.The deferred tax liability at a profit tax rate of 30% at the end of the second year will be 24 thousand dollars (180,000 - 100,000) x 30%. The income statement will show the amount of $ 12 thousand (the difference between the amount of the tax liability at the end of the second period and the amount of the accumulated liability for the sale

last period: 24,000 - 12,000 = 12,000).

The taxable base of a liability is defined as its carrying amount minus the amount that reduces the taxable base for income taxes in future periods. If deferred income is generated, the tax base of the liability is calculated by deducting from the carrying amount amounts that will not be taxed in future periods.

IAS 12 requires tax liabilities to be recognized when it is probable that a profit will be generated from which they can be realized.

Example. Company C, carrying out the reorganization, plans to lay off 20 employees with the payment of an appropriate dismissal benefit in the amount of $ 100 thousand. The indebtedness in the payment of benefits will be paid by the company in the period following the reporting period. These amounts are expensed in full and are deductible in determining the taxable profit of the company.

Tax expense (tax refund) consists of current tax expense (current tax refund) and deferred tax expense (deferred tax refund).

Recognition of current tax liabilities and assets is not particularly difficult. Tax liabilities or claims are accounted for in accordance with normal accounting principles for liabilities and assets. Current tax for the current and prior periods should be recognized as a liability equal to the amount unpaid. If the amount paid for a given period and a prior period already exceeds the amount payable for those periods, the excess shall be recognized as an asset. A tax loss benefit that can be carried forward to recover current tax from the prior period shall be recognized as an asset.

Deferred Tax Recognition. A deferred tax liability shall be recognized for all taxable temporary differences, unless it arises:

1) from goodwill, the depreciation of which is not subject to attribution to gross expenses for tax purposes;

2) the initial recognition of an asset or liability in connection with a transaction that:

Is not a business combination;

At the time of the transaction, it does not affect either accounting or taxable profit.

In the event that the economic benefit is not taxable, the tax base of the asset is equal to its carrying amount.

If amortization of goodwill can be charged to gross expense, a deferred tax liability is recognized. It should be noted that special rules apply to business combinations.

With regard to taxable temporary differences, IFRS 12 suggests the following.

Allows the recognition of assets at fair value or at revaluation cost when:

Revaluation of the asset results in an equivalent adjustment to the tax base (no temporary difference occurs);

The revaluation of the asset does not result in an equivalent adjustment to the tax base (a temporary difference arises and deferred tax should be recognized).

Taxable temporary differences arise and the acquisition cost is allocated to the assets and liabilities acquired based on their fair value, without an equivalent adjustment for tax purposes.

A deferred tax asset (claim) shall be recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available to which the deductible temporary difference can be allocated, unless a deferred tax asset arises:

From negative goodwill accounted for in accordance with IFRS 3 Business Combinations;

The initial recognition in a transaction of an asset or liability that is not a business combination and at the time of the transaction affects neither accounting nor taxable profit (tax loss).

The carrying amount of the deferred tax asset should be reviewed at each reporting date. The company must reduce it to the extent that it is not probable that sufficient taxable profit will be generated against which the related tax claim can be applied.

Thus, the rules of IAS 12 regarding the recognition of deferred tax assets differ from the rules for the recognition of tax liabilities: liabilities are always recognized in full (subject to existing exceptions to the rules), assets in some cases are only partially recognized or not recognized at all. This approach is applied in accordance with the concept of due diligence. An asset is recognized only when the company expects to receive economic benefits from its existence. The existence of deferred tax liabilities (in relation to the same tax authorities) is compelling evidence of the asset's recoverability.

Deferred tax is to be recognized as income or expense and included in net profit or loss for the period. The exception is those tax amounts that arise:

From a transaction or event recognized in the same or in a different period by means of an equity transfer;

Business combinations in the form of acquisitions.

Deferred tax must be debited or credited directly to equity when the tax relates to items that are debited or credited in the same or a different period directly to equity.

Assessment of deferred taxes. When evaluating deferred tax assets and the income tax rate that is expected to exist when the claim (asset) is realized or the liability is settled. The assumption about the tax rate is made based on the existing or announced rates at the reporting date and tax laws. As a rule, the tax rate effective at the reporting date is used for valuation, as it is impossible to foresee its change in the future.

Sometimes tax implications the recoverability of the asset's carrying amount depends on the method of recovery, therefore, the measurement of deferred tax assets is based on the expected way of recovering the assets or settlement of liabilities at the reporting date.

Example. Entity A owns an asset with a carrying amount of $ 10,000 and a tax base of $ 7,000. If the asset is sold, the income tax rate will be 24% and for other income, 30%.

If the asset is sold without further use, entity A recognizes a deferred tax liability of $ 1,680 (7,000 x 24%). If the asset is expected to be retained to recover its value through future use, the deferred tax liability is $ 900 (3,000 x 30%).

The company is required to disclose in a note to the financial statements the deferred component of tax costs, indicating the amount that has arisen from the change in the tax rate.

Since deferred tax assets and liabilities are relatively long-term objects, the question arises about the possibility of reflecting the discounted amount of deferred taxes in the financial statements. However, IAS 12 prohibits discounting of deferred taxes.

Temporary differences. As already mentioned, the difference between the residual value of an asset and its value from the point of view of the tax authorities is called temporary and becomes a source of deferred tax assets or liabilities. IFRS 12 uses the so-called balance sheet approach to defining deferred taxes, i.e. for each item of assets or liabilities, the difference between the balance sheet estimate and the tax base is determined.

Consider the circumstances that give rise to temporary differences.

1. Inclusion in the accounting profit of income or expenses in one period, and in taxable - in another. For instance:

Items taxed on a cash basis and displayed on an accrual basis in the financial statements;

Example. Company A has recorded interest income in the amount of $ 20,000 in its financial statements, but has not yet received cash. In this case, interest income is taxed on a cash basis. Therefore, the tax base of such interest tax will be zero. A deferred tax liability will be recognized for the temporary difference of $ 20,000.

If the accounting depreciation differs from the depreciation charged to gross expenses for tax purposes;

Example. The historical cost of property, plant and equipment of Company A as of December 31, 2006 is $ 2 million, and depreciation (according to the financial statements) is $ 300 thousand. In tax accounting, depreciation charges in the amount of $ 500 thousand are written off to gross expenses. ... The tax base of the property, plant and equipment is $ 1.5 million. A deferred tax liability will be generated for a taxable temporary difference of $ 200,000.

Leases that are accounted for as finance leases in accordance with IAS 17 but are considered operating leases under applicable tax laws.

2. Revaluation of fixed assets when the tax authorities do not revise their tax base.

It should be noted that the definition of temporary difference also applies to items that do not give rise to deferred taxes (for example, accruals for items that are not taxed or are not deductible to gross expenses for tax purposes). Therefore, the standard contains a provision that allows for the exclusion of non-taxable items from the calculation of deferred taxes.

Example. Company A provided Company B with a loan of $ 400 thousand. Company A's financial statements as of December 31, 2006 show a loan receivable of $ 300 thousand, and the reimbursement of the loan will not have any tax consequences. Hence the tax base of the loan receivable is $ 300 thousand. There is no temporary difference.

Attention should be paid to the occurrence of a temporary difference in a business combination:

When calculating goodwill. The cost of the acquisition is allocated to the identifiable assets and liabilities acquired based on their measurement at their fair value at the acquisition date, which could result in a revision of their carrying amount without affecting the tax base. Temporary differences arise when the tax bases of the identifiable assets and liabilities acquired are not affected or in different ways affected by the business combination. Deferred tax is recognized in respect of temporary differences. This recognition will affect the share of net assets, including the value of goodwill (deferred tax liabilities are the identifiable liabilities of the subsidiary). There is also a temporary difference due to goodwill, but IFRS 12 prohibits the recognition of the resulting deferred tax; due to the difference between the carrying amount of investments in subsidiaries (branches, associates or interests in joint ventures) and their tax base (which is often equal to the acquisition cost). Carrying amount is the parent's or investor's share of net assets plus the carrying amount of goodwill.

Example. Company A paid $ 800 for 100% of the shares of company B on January 1, 2006. In the consolidated statements of company A as of that date book value her investment in company B consisted of the following, thousand dollars:

Fair value of entity B's identifiable net assets (including deferred taxes) 620

Goodwill 180

Carrying amount 800

At the acquisition date, the carrying amount is equal to the acquisition cost as the latter is allocated to net assets and the balance is goodwill.

Example (continued). In the country where company A operates, the tax base is equal to the value of the investment. Therefore, no temporary difference arises at the acquisition date.

Company B's 2006 profit was $ 150,000, which is reflected in its net assets and equity.

Entity A amortizes goodwill over six years. In 2006, the amount of accrued depreciation was $ 30 thousand. As of December 31, 2006, in the consolidated financial statements of company A, the carrying amount of its investment in company B consisted of the following, thousand dollars:

Fair value of B's ​​identifiable net assets (620 + 150) 770

Goodwill (180 - 30) 150

Carrying amount 920

Thus, there is a temporary difference in the amount of $ 120 thousand (920 - 800).

An entity shall recognize a deferred tax liability for all taxable temporary differences arising from investments in subsidiaries, associates, branches and interests in joint ventures, except to the extent that it meets the following criteria:

The parent company, investor or joint venturer can control the maturity of the temporary difference;

There is a possibility that the temporary difference will not be settled (returned) in the foreseeable future.

The parent company, by controlling the dividend payment policies of its subsidiaries (and affiliates), may set a maturity date for temporary differences associated with the respective investments. Therefore, if it decides that no dividend will be paid for the foreseeable future, the parent does not recognize a deferred tax liability.

Example (continued). If company A chooses not to sell its stake in company B for the foreseeable future and obliges company C not to distribute its profits, then the deferred tax liability due to company A's investment in company B's shares will not be recognized (company A would need to disclose the amount of the temporary difference in the amount of USD 120 thousand, in respect of which the deferred tax was not recognized).

When company A plans to sell its interest in company B or company B expects to distribute profits, company A recognizes a deferred tax liability to the extent that the temporary difference is expected to settle. The tax rate reflects how entity A recovers the book value of its investment.

An investor who invests in an associate does not control it and, as a rule, does not have the ability to determine its dividend policy. Therefore, in the absence of an agreement requiring that the profits of the associate not be distributed in the foreseeable future, the investor recognizes a deferred tax liability arising from taxable temporary differences associated with its investment in the associate.

Example (end). If company B is an associate of company A, then in the absence of an agreement that company A will not receive its share of company B's profits in the foreseeable future, company A should recognize deferred tax in respect of $ 120,000. The tax rate should reflect the method of recovery by company A the book value of its investment.

Retained earnings of subsidiaries and associates, branches and joint ventures are included in the consolidated retained earnings, but income taxes are payable when the earnings are transferred to the reporting holding company.

Consolidation requires the elimination of unrealized gains (losses) on intragroup transactions, which could give rise to temporary differences. As a rule, the subjects of taxation are individual legal entities that are part of the group. The tax base of an asset (from the point of view of the tax authorities) acquired from another group company is equal to the purchase price paid by the acquiring company. In addition, the selling company will have to pay tax on the profits from the sale of the asset, regardless of the fact that the group still owns the asset.

However, deferred tax is recognized using the tax rate of the acquirer.

Presentation and disclosure of information. In the balance sheet, tax assets and liabilities should be presented separately from other assets. Deferred tax assets and liabilities should be segregated from current tax claims and obligations.

If an entity makes a distinction in its financial statements between short-term and non-current assets and liabilities, it should not classify deferred tax assets (liabilities) as current assets (liabilities).

A company must offset current tax liabilities when it:

a) has a legally enforceable right to set off the recognized amounts;

b) intends to set off or sell the asset and repay

obligations at the same time.

An entity is required to offset deferred tax liabilities when it:

a) has a legally enforceable right to offset current tax assets and current tax liabilities;

b) deferred tax assets and deferred tax liabilities relate to income taxes, which are levied by the same tax authority:

From the same subject of taxation;

From different subjects of taxation, intending to offset current tax liabilities and assets, or to realize assets and settle liabilities simultaneously in each future period in which it is expected that significant amounts of deferred tax liabilities and claims will be settled or recovered.

The income statement must present the tax expense (tax refund) that is related to the profit or loss from ordinary activities. IFRS 12 requires not only to reflect the amount of income tax in the income statement, but also to disclose its main components.

Thus, deferred tax requires disclosure of the following information, namely:

1) elements of tax costs (tax refund), which may include:

Current tax costs (tax refund);

Adjustments to prior periods;

Deferred tax costs (tax refund) in connection with the formation and settlement of temporary differences;

Deferred tax costs (tax refund) due to changes in the income tax rate;

Tax costs (tax refund) due to changes in accounting policy and the correction of a fundamental error;

2) the aggregate current and deferred tax related to items that are debited or credited from equity capital;

3) tax costs (tax refund), which relate to the results of extraordinary circumstances recognized during the period;

4) an explanation of the relationship between tax costs (tax refund) and accounting profit in the form of a numerical reconciliation between:

Tax costs (tax refund) and the product of accounting profit and the applied rate (rates) of income tax, indicating the method of calculating the applied rate (rates);

Or average effective rate tax with disclosure of the method of calculating the applicable tax rate;

5) explanations of changes in the applied tax rate (rates) in comparison with the previous period;

6) the amount (and, if any, expiration dates) of deductible temporary differences, unused tax losses and credits for which a deferred tax asset has not been recognized on the balance sheet.

Experience and solutions

How to account for deferred taxes

Anastasia Konshina, Deputy Financial Director of VL Logistic Group of Companies

Compiling the tax balance and calculating deferred taxes is the final and rather laborious stage of preparing financial statements in accordance with IFRS and raises many questions from the preparers of the financial statements. How to accurately reflect deferred taxes in the reporting?

Taxable profit almost always differs from the profit shown in the financial statements, because when calculating profit for tax purposes, companies are guided by the requirements of tax legislation, not IFRS. As a result, the relationship between profit before tax shown in the financial statements and taxes payable is not visible. Deferred tax restores this connection.

Basic principles of accounting for deferred taxes

IAS 12 Income Taxes addresses all differences in accounting and tax reporting from the point of view of the balance method. In accordance with this method, assets and liabilities recognized in the financial statements at their carrying amount are compared with their tax assessment. This comparison reveals temporary differences. Permanent differences do not affect this method. By applying the tax rate to the temporary differences, the resulting deferred tax is to be recognized in the statement of financial position. Let us give key concepts on which the accounting for deferred taxes is based.

Temporal differences Is the difference between the carrying amount of an asset or liability and its tax base. Temporary differences can be taxable (giving rise to a deferred tax liability) and deductible (giving rise to a deferred tax asset).

Asset tax base Is the amount that will be deducted for tax purposes from any taxable economic benefits that the entity would receive when recovering the carrying amount of the asset. For example, the use of property, plant and equipment generates taxable revenue that is reduced by depreciation. At the end of the asset's useful life, the accumulated depreciation will be equal to its cost. At the same time, the tax consequences of transactions that the company has reflected in the reporting in the current period may affect subsequent periods. So, at the time of purchase of an item of fixed assets, a temporary difference does not arise (provided that the value of the fixed asset is the same for tax and financial reporting purposes). A temporary difference may arise later when different depreciation rates are applied in accounting and accounting for tax purposes. As a result, the residual value of an item of property, plant and equipment reflected in the financial statements differs from the value calculated for tax purposes.

Tax base of the obligation equal to its carrying amount less any amounts that are deductible for tax purposes in respect of such a liability in future periods.

When deferred tax is allocated to financial results the reporting period, the link between profit before tax and income tax payable is restored.

What tax rate to use

Deferred taxes are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and tax laws that were in effect at the end of the reporting period.

If at the end of the reporting period there is already an income tax rate approved by tax legislation and effective from the next reporting period, deferred tax assets and liabilities at the end of the reporting period need to be restated at the new rate. The correction is calculated using the formula:

Adjustment amount = Deferred tax opening balance × New income tax rate: Previous tax rate - Deferred tax opening balance

Note!

Changes in the amount of deferred tax assets and liabilities, including due to changes in the tax rate, are reflected in the income statement (except for the part that relates to items previously recorded in equity).

To illustrate this point, consider the following situation. As of December 31, 2008 (income tax rate 24%) the following are recognized in the company's financial statements:

• deferred tax asset in the amount of RUB 32.4 thousand;
• deferred tax liability in the amount of RUB 64.5 thousand.

Since 2009, a profit tax rate of 20 percent has been introduced. Deferred taxes must be recalculated at the new tax rate. The calculation of the adjustment is shown in Tables 1 and 2.

Table 1. Adjustment of the balance of the deferred tax asset, thousand rubles

Table 2. Adjustment of the balance of the deferred tax liability, thousand rubles

It should also be borne in mind that for different types different tax rates can be established for activities.

Deferred taxes should be calculated based on the expected way of recovering the asset or settling the liability. The intentions of the company's management will play a key role here. At the same time, in relation to fixed assets recorded at revalued costs, as well as investment property measured by fair value, the standard requires the use of the assumption that the recovery of such assets is usually made by sale.

Deferred taxes in consolidated financial statements

Deferred taxes often arise in the preparation of consolidated financial statements.

At the date of acquisition of a subsidiary, its assets are measured at fair value. The fair value adjustment does not affect the tax base and therefore a temporary difference arises.

Example

At the date of acquisition of the subsidiary, the acquirer performed a revaluation of property, plant and equipment to fair value.

The carrying amount of property, plant and equipment is RUB 500 thousand. The estimated fair value was RUB 700 thousand. The following adjustments were made during the preparation of the consolidated financial statements.

Property, plant and equipment were revalued to fair value:

Dt "Fixed assets" - 200 thousand rubles.
CT "Revaluation reserve" - ​​200 thousand rubles.

A deferred tax liability has been recognized in relation to the revaluation:

Dt "Revaluation reserve" - ​​40 thousand rubles. (200 thousand rubles × 20%).
CT "Deferred tax" - 40 thousand rubles. (200 thousand rubles × 20%).

Goodwill arising on a business combination is nil as it is generally not recognized for tax purposes. However, it should be noted that the standard prohibits the recognition of the resulting deferred tax liability.

This exception is made in order not to increase the amount of goodwill in the financial statements.

One of the necessary procedures for the preparation of consolidated financial statements is the elimination of intragroup transactions and unrealized profits arising from the sale of inventories and fixed assets.

From the point of view of the tax authorities, the tax base of an asset acquired in an intragroup transaction is equal to the purchase price. In addition, the seller of goods, fixed assets is required to pay income tax on the sale of this asset. As a result, a deferred tax asset must be recognized in the consolidated financial statements.

Note!

Deferred tax is calculated at the buyer's tax rate.

The recognition of a deferred tax asset means that income tax accrued by the seller on the sale of inventories, fixed assets is not included in the consolidated income statement for reporting period... It will be reflected in the future period when the Group recognizes profit.

Example

Alpha holds 100% of the capital of Beta. On January 1, 2011, Alpha sold its fixed assets to Beta for RUB 50 million. The residual value of property, plant and equipment at the date of sale is RUB 30 million. The assets have a remaining useful life of eight years. Profit from the sale of fixed assets amounted to RUB 20 million. When consolidating the 2011 financial statements, the following adjustments were made to eliminate the intra-group gain from the sale of property, plant and equipment:

Dt "Other income from the sale of fixed assets" - 20 million rubles.
CT "Fixed assets" - 20 million rubles.

Dt "Fixed assets" - 2.5 million rubles. (RUB 20 million: 8 years).
CT "Cost" - 2.5 million rubles. (RUB 20 million: 8 years).

Dt "Deferred tax" - 3.5 million rubles. (RUB 20 million - (RUB 50 million - RUB 30 million): 8 years) 20%).
Kt "Income tax expense" - 3.5 million rubles. (RUB 20 million - (RUB 50 million - RUB 30 million): 8 years) × 20%).

Offsetting deferred taxes

On rare occasions, companies may offset deferred tax assets and deferred tax liabilities. This is possible if the company has legal law to offset current income tax assets and liabilities, and deferred tax assets and liabilities are attributed to income taxes that levy the same tax authority... That is, a company can make or receive a single tax payment. In the consolidated financial statements, the current tax assets and liabilities of the various companies within the Group can be offset only if they have the legal right to pay or recover tax in a single installment and intend to use it.

Practice of calculating deferred taxes

Differences between the tax assessment of assets and liabilities and their assessment under IFRS exist for most of the assets (liabilities) of our Group of Companies. For instance, accounting policies Groups for tax purposes are not provided for the creation of a provision for doubtful debts... And when forming financial statements in accordance with IFRS, the company is obliged to create such a reserve.

Differences also arise in the accounting items for lease agreements. Here, differences can arise both when calculating the initial amount of the obligation and when calculating lease payments. In accordance with the provisions of our accounting policy for tax purposes, the amounts of accrued lease payments are reflected in the structure of other expenses recorded for tax purposes. In accordance with IAS 17 Leases, lease payments must be divided by the repayment of the principal financial leasing and interest payments. Accounting profit is only affected by interest payments. In this case, the amount of interest under the contract is calculated using the discount rate. V in this case also there are temporary differences.

Differences between the tax and accounting bases also arise due to the use of different methods of calculating depreciation in tax accounting and in accounting under IFRS. So, according to the accounting policy in accordance with IFRS, depreciation on vehicles is charged based on the mileage traveled. In tax accounting for this group of fixed assets, depreciation is charged on a straight-line basis.

Since the calculation of deferred taxes is the final stage of the transformation of RAS statements into IFRS, at the time of the procedure for calculating deferred taxes, transformation specialists already have sufficient information on the possible sources of temporary differences. According to the current regulations for the transformation of Russian financial statements, the chief accountants of the Group companies send to the IFRS department tax returns for income tax for the reporting period, as well as detailed explanations of the differences between accounting and tax accounting(tax accounting registers).

The very procedure for calculating deferred taxes consists of the following stages.

Step 1. Determine the tax base of assets and liabilities. According to PBU 18/02 "Accounting for income tax calculations", temporary differences are calculated using the accounts "Deferred tax assets" and "Deferred tax liabilities". To calculate the tax base of assets and liabilities (provided that this accounting area is correctly maintained), you need to use the balance at the beginning and end of the account period and with a breakdown by type of differences. If such analytics are not conducted, then for the purposes of compiling the tax balance, it is necessary to separately decipher the account data by types of assets or liabilities.

Having adjusted the value of assets and liabilities for which there is a difference between accounting and tax accounting (that is, for which there is a balance on the accounts and), we obtain the tax base of assets and liabilities for the purpose of calculating deferred taxes in accordance with IFRS.

Subsidiaries of our Group do not apply the provision of PBU 18/02, as they are small businesses. Therefore, for subsidiaries, specialists from the IFRS department of the parent company identify temporary differences by comparing the amount of assets and liabilities in an IFRS-compliant valuation with their tax assessment based on income tax returns. For clarity, all the data for calculating deferred taxes is summarized in a separate table - tax balance(table 3).

Table 3. Tax balance, thousand rubles

	Book value	The tax base	Reclassification transactions	Time difference	SHE / SHE
Fixed assets
Intangible assets	120	0	(120)	0	-
Land	250	210	-	40	IT
Fixed assets	110	60	-	50	IT
Other fixed assets	0	120	(120)	0	-
Current assets
Stocks	29	35	-	(6)	SHE
Accounts receivable	263	279	-	(16)	SHE
Commitments
	(337)	(382)	-	45	IT

Stage 2. Identify temporary differences. The differences between financial and tax accounting were formed as a result of the following events.

1. During the year, the company overestimated land plot for 40 thousand rubles. According to the Tax Code of the Russian Federation, when revaluing fixed assets, a positive amount of such revaluation is not recognized as income accounted for for tax purposes. Accordingly, the carrying amount of the asset will be higher than its tax base. The difference between the carrying amount of a revalued asset and its tax base is a temporary difference and gives rise to a deferred tax liability.
2. The company uses different depreciation rates for financial and tax accounting purposes (enshrined in the company's accounting policy). When compiling a tax balance sheet, it is necessary to compare the cost of fixed assets in accordance with IFRS and tax accounting data. Differences between them are temporary and give rise to deferred tax assets or deferred tax liabilities. Based on the results of the analysis, it was revealed that depreciation for tax accounting purposes exceeds the amount of depreciation according to IFRS accounting data. A taxable temporary difference arises.
3. A reserve is created for illiquid stocks, the amount of which is not taken into account for tax purposes. According to IAS 2 Inventories, this group assets should be reported at the lower of cost and possible net realizable value. The reserve for illiquid inventories is created for the amount of the difference between the current market value and the actual cost, if the latter is higher market value... According to the norms of the Tax Code of the Russian Federation, the creation of such a reserve is not provided. The book value of the inventory in this case will be less than the tax value. This results in a deductible temporary difference and a deferred tax asset.
4. Accounts receivable in IFRS reporting are shown net of provision for doubtful debts. The Group's accounting policy does not provide for the creation of such a reserve for tax purposes. Book value accounts receivable in this case, there will be less tax, which results in a deductible temporary difference and a deferred tax asset.
5. During the reporting period, one of the Group's companies entered into a lease agreement. The lease has been classified as finance lease for IFRS purposes. According to the terms of the agreement, the leased object is recorded on the balance sheet of the lessee. Under IAS 17 Leases, when accounting for a finance lease, the lessee recognizes a liability at the lower of the present value of the minimum lease payments or the fair value of the leased asset. The discounted value of the minimum lease payments is 337 thousand rubles. In tax accounting, payables (lease liability) are recognized based on the amount of the lease agreement. It is 382 thousand rubles. Accordingly, a taxable temporary difference arises which gives rise to a deferred tax liability.

Stage 3. Identify permanent differences. Articles for which there is given type differences are excluded from the calculation of deferred taxes. For tax purposes, expenses on accrued interest on loan obligations (25 thousand rubles) are not taken into account, the amount of which exceeds the limit established by the Tax Code of the Russian Federation. This amount is excluded from the calculation of deferred taxes.

Stage 4. Eliminate reclassification transactions generated during the transformation of financial statements. When calculating deferred taxes, you need to exclude the amount of the entry associated with the reclassification of the balance sheet item "Other non-current assets" to intangible assets (the criteria for recognizing an asset as an intangible asset are met).

Note!

A deferred tax asset can be recognized to the extent that it is probable that future taxable profit will exist against which the deductible temporary difference can be offset. Judgment should be used to estimate the amount of the deferred tax asset that can be recognized in the financial statements.

Stage 5. Compare the data of the tax and IFRS balance and calculate the values ​​of temporary differences. The IFRS balance formed in the process of transformation must be compared with the tax balance. Differences between the IFRS balance sheet and the tax balance sheet give rise to deferred taxes in accordance with IAS 12 (excluding reclassification entries).

When comparing the balance sheet according to IFRS with the balance sheet compiled according to the principles of tax accounting, it is necessary to take into account the signs of the numerical values ​​of the differences: negative values ​​are involved in the calculation of deferred tax assets, positive ones - in the calculation of deferred tax liabilities.

In our example, taxable temporary differences were RUB 135,000. (40,000 + 50,000 + 45,000). Deductible temporary differences are RUB 22 thousand. (16,000 + 6,000).

Step 6. Calculate the deferred taxes (multiply the relevant temporary difference by the tax rate). As of December 31, 2011, to calculate deferred taxes, the company has formed the following tax balance (table 3). The tax rate as of December 31, 2011 is 20 percent. In our example, IT is 27 thousand rubles. (135 thousand rubles × 20%). SHE is 4.4 thousand rubles. (22 thousand rubles × 20%).

Stage 7. Record deferred taxes in the reporting. Deferred tax assets and liabilities are long-term elements of financial statements and are often due in years. It should be noted that deferred tax amounts are not discounted. The actual amounts of deferred taxes should be reflected in the financial statements, despite the fact that the effect of discounting can be significant.

Deferred taxes are recognized in the statement of financial position, and changes in their amount are recognized in the income statement or in the statement of changes in equity (if the occurrence of deferred taxes is related to a transaction affecting equity). Deferred tax is most often accounted for in equity when the carrying amount of property, plant and equipment increases after revaluation. At the same time, IAS 16 "Property, plant and equipment" allows the transfer of part of the revaluation reserve for property, plant and equipment to retained earnings over the entire period of its depreciation, without waiting for its disposal. The amount of the reserve transferred to retained earnings shall not include any associated deferred tax. In this case, a posting is generated annually:

Dt "Revaluation reserve"
Dt "Deferred tax"
CT "Retained earnings" 8 thousand rubles. (40 thousand rubles × 20%)

The amount of deferred tax to be reflected in the statement of financial position is calculated for. When calculating the amount of deferred tax, which should be reflected in the income statement, you need to take into account the following point. During the reporting period, the company revalued the land plot. Therefore, the amount of deferred tax arising from the revaluation must be recognized in equity. Deferred tax liability in this case is charged with the following entry:

The amount of deferred tax that needs to be reflected in the income statement will be the “balancing” amount. It is calculated as the difference between the deferred tax at the end and the beginning of the reporting period less the amount of deferred tax charged to equity. At the end of the previous reporting period, a taxable temporary difference of 24 thousand rubles was recognized in the accounts under the item "Fixed assets", as well as a deductible temporary difference - 6 thousand rubles (of which 4 thousand rubles - a reserve for illiquid inventories, 2 thousand RUB - reserve for doubtful debts). The accounting profit for 2011 is 691 thousand rubles. Based on these data, a deferred tax in the amount of 11 thousand rubles should be reflected in the income statement. ((27 - 4.4) - 8 - (24 - 6) × 0.2). Deferred tax liability is accrued by recording:

Step 8. Generate deferred tax notes. A distinctive feature of the disclosure requirements of IAS 12 for deferred tax is the requirement to reflect changes in deferred tax assets and liabilities, as well as the reasons that caused the changes.

In accordance with the requirements of IAS 12 Income Taxes, information on the composition of income tax expense (income) in a company's financial statements must be disclosed separately. Specifically, companies need to show:

• expenses (income) for current tax;
• any current tax adjustments for previous periods accounted for in the reporting period;
• deferred tax expense (income) related to the creation, increase or reduction of temporary differences;
• deferred tax expense (income) associated with changes in tax rates or the introduction of new taxes.

It is also necessary to disclose the following information:

• the aggregate amount of current and deferred taxes related to items, the change in the value of which is credited directly to equity;
• the relationship between tax expense (income) and accounting profit in the form of a numerical reconciliation of tax expense (income) with accounting profit multiplied by the current tax rate;
• the value of deferred taxes in the context of each object of financial reporting;
• movements in deferred tax assets and liabilities recorded in the statement of financial position.

This information is disclosed in the notes to the financial statements. Examples of disclosures are shown in Tables 4, 5, 6, and 7.

Table 4. Income tax expense for the year ended 31 December 2011, thousand rubles.

Table 5. Numerical reconciliation of tax expense with accounting profit, thousand rubles

Table 6. Movements in deferred tax assets and liabilities recorded in the statement of financial position, RUB thous.

Table 7. Deferred tax assets and liabilities in the context of each object, thousand rubles

Statement of financial position	Value as of January 1, 2011	Change for 2011 (balancing amount)		Introduced to the statement of other comprehensive income
		Value as of December 31, 2011	Attributed to the income statement
Land	-	-	8	8
Fixed assets	24 x 0.2 = 4.8	5,2	-	10
Stocks	(4) × 0.2 = (0.8)	(0,4)	-	(1,2)
Accounts receivable	(2) × 0.2 = (0.4)	(2,8)	-	(3,2)
Finance lease liability	-	9	-	9
Total	3,6	11	8	22,6

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Experience and solutions

How to test for asset impairment

Natalia Shashkova, ACCA, Head of IFRS Department, Zarubezhstroytechnology JSC

According to the requirements of IFRS, assets must be reflected at a cost that does not exceed the amount that the company can receive from their sale or from their use in the future. Therefore, it is important for an IFRS practitioner to know how and when to test for impairment of assets.

Oh priceless not financial assets are considering IAS 36 Impairment of Assets and IFRIC 10 Interim Financial Reporting and Impairment. The requirements of the standard apply to all assets, except:

• investment property items accounted for at fair value;
• stocks;
• biological assets carried at fair value less costs to sell;
• deferred tax assets;
• assets arising from construction contracts;
• assets arising from employee benefits;
• non-current assets held for sale;
• deferred costs and financial assets (other than investments in subsidiaries, associates and joint ventures).

Impairment financial instruments is regulated by IFRS 9, IAS 21, IAS 32, IAS 39 and their interpretations.

IAS 36 addresses impairment in three ways: impairment of an individual asset, impairment of a cash-generating unit cash flows(CGU), impairment of goodwill. A distinction should be made between provision and impairment. In practice, the term "reserve" is often used in the meaning estimated amount loan losses or similar impairment losses. But unlike real reserves, which are considered by IAS 37 “Reserves, contingent liabilities and contingent assets ”, the impairment is not a reserve liability, but an adjustment to the value of the related assets.

Note that there is no such standard for asset impairment among Russian PBUs. There is only one clause in PBU 14/2007 "Accounting for intangible assets". Thus, paragraph 22 of the Regulation states that intangible assets can be tested for impairment in the manner prescribed by IFRS. If we talk about the regulation of this aspect of reporting in US GAAP, then we can note many common points with IFRS in the very approach to impairment. However, a lot of the difference lies in the details. For example, US GAAP does not require discounting cash flows when determining the recoverable amount, and when determining the fair price of a transaction, it is not enough to use the prices of an active market (there are a number of other criteria), and forecast periods are different (IFRS recommends five years, US GAAP is the life of an asset by a company) etc.

Step 1. Determine the assets to be tested for impairment

First, you need to understand whether the asset should be tested for impairment. To do this, you need to analyze indicators that indicate possible impairment, and also determine the degree of sensitivity of assets to these indicators. The result of this stage will be a formalized decision to conduct testing or refusal from it.

The standard indicates the presence of external (for example, negative changes in the external environment of business or the legal environment, an increase in market interest rates, the emergence of major competitors) and internal signs (for example, asset utilization efficiency has dropped, asset physical damage has occurred, etc.). In some cases, an impairment test is required even though there is no indication of impairment.

Note!

This check does not have to be done on December 31st. It can be done at any other time of the year. The main thing is that it is held at the same time every year. That is, if in 2010 a company tests goodwill for impairment on August 30, then in 2011, in 2012, etc., it is on this date that an audit should be carried out.

An annual mandatory impairment test is required for goodwill and intangible assets that are not yet ready for use or have an indefinite useful life.

At this stage, it is important to determine who in the company will make the decision about whether an asset should be “depreciated”. Ideally, if it is a person from "business". This may be an employee of the production department, a logistician, an employee of the property department, but not an accountant who has not even seen this asset and has no information about the future fate of this object, the dynamics of prices for it, the situation on the market.

However, this does not mean that the accountant should simply transfer the amount from the calculation of the responsible person to the accounting system. He needs to understand the calculation methodology, make sure that it complies with the methodology of previous years, as well as the principles laid down in IFRS. You should also explain to the responsible specialist why these calculations are needed and what kind of report you need to get from him. You may need to consult with your peers or auditors if any aspect of the calculation is in doubt.

Step 2. Calculate the asset's recoverable amount

Once you have decided that you need to test for impairment, the asset's recoverable amount should be calculated. This is the largest of the two:

• asset value in use (present value of future flows Money expected to be obtained from the asset both as a result of continued use and subsequent disposal);
• fair value less costs to sell.

There is a fundamental difference between the two indicated values. Fair value reflects estimates and knowledge available to knowledgeable and willing buyers and sellers. In contrast, value in use reflects the assessment of a particular organization.

Note!

Goodwill is always tested for impairment at the level of the CGU or group of CGUs.

The standard recommends a personalized approach to assets. That is, it is better to check for impairment of assets on an item-by-item basis than to combine them into groups. If this is not possible (for example, it is too laborious and time-consuming), the assets are tested for impairment as part of the cash generating unit (CGU).

A cash-generating unit is the smallest group of assets that generates cash inflows from the use of the related assets, and these inflows are independent of the cash inflows from other assets or groups of assets.

Example

In chain trade, the store with all its equipment (building, refrigeration equipment, shelving, etc.) will represent the CGU. In this case, it is not possible to assess, for example, a refrigeration plant separately for impairment, as this asset generates cash flows only in combination with other assets. In addition, each store most likely has its own customer base. This is also important factor"Branches". And even the fact that a store can use the same infrastructure as other stores and have a single serving back office (that is, general marketing and other operating expenses) does not play a role in the separation of the store into a separate cash generating unit. The key factor here is the ability to generate cash flow.

Distinguishing a cash generating unit can be one of the most difficult parts of an impairment test. This requires professional judgment. Therefore, we again point out what was said at the beginning of the article - it is difficult for one accountant to cope with such a difficult analysis as identifying an autonomous, independent cash flow from a cash generating unit. It is necessary to seek help and advice from specialists from other departments. In this case, employees of the planning department, controllers, and operational managers can help.

It is best to refer to the new IFRS 13 to determine fair value. Although this standard does not explain the concept of fair value less costs to sell, in other respects it is quite applicable to IAS 36. Costs to sell in this aspect are recognized additional costs that are associated with the disposal (disposal) of an asset and preparation asset to such disposal. Banks' commissions for issuing loans or income tax expense on the sale of an asset are not recognized as such costs because they have already been recognized as a liability.

The value in use calculation is based on reasonable and adequate assumptions regarding cash flow forecasts, which have been approved by the company's management (as part of budgets and forecasts prepared in accordance with IFRS principles). The standard recommends making such a forecast for a period not exceeding five years. The composition of cash flows is individual for each enterprise. Generally, the calculation includes the cash flows from the continued use of the asset, the required cash costs (including overheads), and the net cash flow from the subsequent disposal of the asset at the end of its useful life. Also important point is that the cash flow estimates should reflect the current condition of the asset. Therefore, the calculation cannot include future capital expenditures that are aimed at improving the quality of the asset and the corresponding benefits from this. However, the capital cost of maintaining the current state of the asset must be included in the calculation.

The value of use is sometimes difficult to determine. Therefore, you can use the following trick: calculate the fair value less costs to sell, and if it turns out to be higher than the book value, then there will be no need to calculate the value in use. It also happens the other way around: it is difficult for a company to determine fair value less costs to sell. In this case, you can use the same logic and calculate the value in use first.

Once the company has estimated future cash flows, they need to be discounted at the appropriate rate. The discount rate can be calculated using one of the following methods:

1. calculate the weighted average cost of capital (WACC), if the company has the resources for this (analysts, databases);
2. use the weighted average cost of the company's loan portfolio (any IFRS specialist can calculate this indicator) or obtain information on long-term lending rates at which new loans can be attracted as of the date of the assessment;
3. you can use the recommendation Federal Service at tariffs and use a risk-free rate increased by 2 percent. In this case, as a risk-free one, it is possible to take the average rate on deposits in several "reliable" banks.

International standards recommend using the weighted average cost of capital of an enterprise as a starting point for calculating the discount rate, but in practice it is quite difficult to calculate. In our company, WACC is not calculated, but the third method is used.

Step 3. Determine the impairment loss

An impairment loss arises when the carrying amount of an asset or cash generating unit exceeds its recoverable amount. In this case, the amount of the asset in the statement of financial position is reduced by the amount of the impairment loss. If it is a primary remedy or intangible asset, then you still need to proportionally reduce the amount of accumulated depreciation. Consider the following situation.

The management of the company discovered one of the signs of depreciation of equipment producing spare parts for laptops: in the reporting period, spare parts were sold at a price below cost. Therefore, it was decided to test the impairment of this production equipment.

The book value of the equipment is 290,000 rubles. The fair value less costs to sell (calculated by the company's analysts) is RUB 120,000. The expected net cash inflow from the equipment in the next three years (remaining useful life) is 100,000 rubles per year. The discount rate is 10 percent. Accordingly, the net present value of cash inflow for three years will amount to 248,684 rubles. (100,000: (1 + 0.1) + 100,000: (1 + 0.1) 2 + 100,000: (1 + 0.1) 3). This value is the value in use of the asset. First, you need to compare it with the fair value and the larger of them (248,684 rubles) compare with the carrying amount of the equipment. As a result, we obtain an impairment loss in the amount of RUB 41,316. (290,000 - 248,684).

Different options for exceeding the three types of asset values ​​and the outcomes of this comparison are shown in Table 1.

Table 1. determination of an impairment loss on assets

Option	Use value, thousand rubles	Fair value less costs to sell, RUB thous.	Recoverable amount (maximum 1 or 2), RUB thousand	Book value, thousand rubles	Impairment loss (4–3), thousand rubles	The value of the asset in the balance sheet after the impairment test, thousand rubles	A comment
	1	2	3	4	5	6	7
Option 1	200	90	200	100	Do not recognize	100	The value in use exceeds the carrying amount of the asset. The asset is not impaired
Option 2	200	150	200	300	100	200	It is more profitable to use an asset, rather than sell it
Option 3	200	250	250	300	50	250	It is more profitable to sell an asset than to use it further

Step 4. Recognize an impairment loss

The impairment loss, like the amount reversed, is recognized in profit or loss for the period. The most common impairment losses are reflected on a separate line within other expenses with disclosure of relevant information in the notes to the financial statements.

Based on the conditions of the above situation, the company will make the following posting:

Note!

If any of the assets in the cash generating unit is clearly impaired, the impairment loss must be attributed first to that asset. The remaining amount should then be charged to goodwill. If the impairment loss of the cash generating unit exceeds the value of goodwill, then further write-offs are made in proportion to the carrying amount of the remaining assets.

It should be remembered that if an asset was revalued earlier, then an impairment loss is recognized in other comprehensive income and presented in the revaluation reserve to the extent that the amount of the loss covers the amount of the previously recognized revaluation of the same asset. If the impairment loss is greater than the accumulated revaluation surplus, the difference is charged to the income statement.

The situation with the recognition of an impairment loss on a cash generating unit is a little more complicated. The impairment loss of the cash generating unit must be apportioned among the assets that are included in the cash generating unit. First of all, the impairment loss is attributed to goodwill (its estimate is the most subjective), and the remainder is allocated to other assets within the cash generating unit in proportion to their carrying amount.

At the same time, you cannot write off the value of the asset below:

• its fair value less costs to sell;
• scratch.

This is a fairly common accounting error: when the impairment loss is allocated proportionately, such a limit is often forgotten.

Consider the following situation. The company acquired the Taxi business together with a fleet of cars, licenses for US $ 230,000. An extract from the statement of financial position is shown in table 2. All assets and liabilities are stated at fair value less costs to sell (usually determined by external valuers).

Table 2. Consolidated Statement of Financial Position (Option 1)

Article
Business reputation	40 000	(15 000)	25 000
	120 000	(30 000)	90 000
License	30 000		30 000
Accounts receivable	10 000		10 000
Cash	50 000		50 000
Accounts payable	(20 000)		(20 000)
Total	230 000	(45 000)	185 000

Some time after the purchase, three cars are stolen. The company did not manage to reissue insurance policies on cars before theft, and insurance organization refused to compensate for the loss. The entity must recognize an impairment loss. After the analysis and calculations, it turned out that the impairment loss would be greater than the value of the vehicles. The fact is that the cost of using the CGU, which is the entire Taxi business, has dropped as a whole.

The company estimates a total impairment loss of US $ 45,000. In this case, US $ 30,000 must be written off against property, plant and equipment and the balance against goodwill. The statement of financial position will change as shown in table 2.

Sometimes it may happen that the company has allocated the impairment loss among the assets taking into account the specified limit, but their value was not enough to completely “absorb” this loss.

Let's say that the company estimates that the impairment loss was not $ 45,000, but $ 75,000. Changes in the statement of financial position are presented in table 3.

Table 3. Consolidated Statement of Financial Position (Option 2)

Article	Amount at the date of purchase, USD	Impairment loss, USD	Amount at the reporting date, USD
Business reputation	40 000	(40 000)	-
Cars (12 units at USD 10,000)	120 000	(30 000)	90 000
License	30 000		30 000
Accounts receivable	10 000		10 000
Cash	50 000		50 000
Accounts payable	(20 000)		(20 000)
Total	230 000	(70 000)	160 000

In this situation, the cash generating unit cannot depreciate up to USD 155,000 (230,000 - 75,000), since the cash generating unit's fair value less costs to sell is USD 160,000. In this case, it is more profitable to sell the cash generating unit separately by assets, rather than continue to use it in its current state.

Step 5. Analyze the situation after the reporting date

The company must also assess the market situation after the reporting date. Most often, it is impossible to predict unexpected situations on the market when making forecasts, therefore, these calculations are not corrected. But such events should be taken into account when testing for impairment in the next reporting period, as well as disclose information in the notes to the financial statements.

At the next reporting date, remember to assess the situation in order to identify any indicators that previously recognized amounts of impairment losses need to be reversed.

The exception is goodwill: once it has been depreciated, this amount can never be recovered. This is because IFRS prohibits the recognition of internally generated goodwill, and an increase in the amount of goodwill after an impairment loss is recognized is most often associated with the creation of internal goodwill.

Step 6. Prepare disclosures

All work, analysis, calculations for the impairment test must be documented - not only for future generations, but also in order to disclose on the reporting pages such data as:

• what criteria led you to believe that impairment was needed;
• how you calculated the asset's value in use (if this is the estimate chosen as the recoverable amount), including what discount rate you used, how long the forecast period was in your calculation;
• How you have calculated the asset's fair value less costs to sell (if that is the measurement chosen as the recoverable amount), including whether fair value has been determined based on an active market;
• how much of the loss did you reflect and for which reporting line;
• what amount of losses was restored;
• a description of the cash generating unit - how it was determined and measured;
• a sensitivity analysis showing how a change in the assumptions used in the calculation will affect the amount of the impairment.

As possible, it is best to use the most conservative numbers. For example, alert reporting users that 100 percent of the book value of a fixed asset has been lost.

In practice, a situation may arise when the company realizes that the asset has been impaired and its carrying amount no longer reflects the real picture. However, due to certain circumstances (for example, lack of necessary data), it is impossible to correctly calculate and reflect the amount of the loss. What to do in such cases? Here you can use the following approach: it is better not to count anything than to count something that the company itself does not believe. Probably, this amount will be incomprehensible to the user, therefore, it can distort the reporting figures even more. In such a situation, it is necessary to disclose information about possible impairment losses in the notes to the statements in order to prepare the user of the statements to the fact that in the following periods, when the situation becomes clearer, he may see the negative financial consequences of any events.

Another slippery point is related to asset insurance. The company knows that something has happened to the asset and this is covered by the insured event. But at the time of reporting, the situation was not fully clarified and insurance compensation not received yet. What should you do in this case? First, do not under any circumstances “collapse” the amount of insurance receivables with the amount of the asset's impairment. These are different accounting objects, and they must be kept separately. And if Insurance Company in addition, disputes the amount of the loss or does not recognize at this moment the case is insured, then the company does not have the right to recognize any insurance asset in its financial statements.

We also note that if your company's staff does not have enough strength to independently perform the impairment test, consultants and independent appraisers should be involved to solve this problem. This is especially true for testing for impairment of goodwill and cash generating units.

Order of the Federal Tariff Service (FTS of Russia) dated March 3, 2011 No. 57-e "On approval Methodical instructions for calculating the weighted average cost of equity and debt capital raised for the purpose of sale investment project on the formation of a technological reserve of capacities for the production of electrical energy ”.

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Nuances of methodology

Accounting for joint venture agreements in a new way

Yulia Yurieva, Editor-in-Chief, IFRS in Practice magazine

To manage risks in the implementation of long-term projects, companies traditionally use various forms of joint activities. Soon, the accounting procedure for individual agreements on joint activities will radically change.

IFRS 11, adopted in May 2011, sets out the accounting treatment for joint arrangements. The standard defines these agreements as contractual agreements on the conduct of activities over which two or more contracting parties exercise joint control.

In addition to IFRS 11, companies need to understand the potential impact of the new IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosures about shares of participation in other companies ". Thus, IFRS 10 introduces a new definition of control and contains additional guidance that may affect the results of a previous assessment of joint control. IFRS 12 contains expanded disclosure requirements, including joint arrangements.

The new standards are mandatory for annual periods beginning on or after 1 January 2013 and must be applied retrospectively.

New terms - new concepts

Some generally accepted terms in the new standard have received new definitions, which are not entirely obvious and clear. This alone creates a fair amount of confusion. For example, what used to be called joint ventures is referred to in the new standard as the general term "joint arrangement". And the definition of “joint venture” in IFRS 11 is significantly narrowed. Likewise, the term “proportionate consolidation” has been widely (and continues to be) used to refer to all methods of accounting for joint ventures where an entity recognizes its share of the assets and liabilities in a joint venture. Now, this term does not correspond to the accounting treatment that is now used for accounting for jointly controlled assets (JAC) and jointly controlled transactions (JAC) in accordance with IAS 31 "Interests in joint ventures", and in the future will be used for accounting joint operations in accordance with IFRS 11.

Joint control under the new rules

Thank you for your assistance in preparing the material.

The article was prepared on the basis of the publication "The Consequences of the Adoption of New Standards Regulating the Recording of Joint Venture Agreements and the Procedure for Consolidation" by Ernst & Young. Special thanks to Alexey Loz, partner, head of the group for the provision of services to companies oil and gas industry in the CIS of Ernst & Young.

To begin with, let's define what joint control is now. The new standard defines joint control as “… the contractually agreed collective exercise of control over a joint arrangement that only occurs when the unanimous consent of the parties with joint control is required to make decisions about significant aspects of the business”. At the same time, the following characteristics of joint control are highlighted in IFRS 11:

• conditionality by agreement - an agreement on joint activities, as a rule, is drawn up in writing and determines the conditions for conducting such activities;
• control and significant aspects of activities - IFRS 10 describes an approach to assessing the existence of joint control, as well as to determine significant aspects of activities;
• unanimous consent - occurs in cases where the parties to an agreement on a joint activity exercise collective control over this activity, but none of the parties has sole control over it.

Differences from the current procedure relate to the establishment of the fact of control, as well as the determination of significant aspects of the activity. The unanimous consent requirement is not new, but the standard provides additional guidance to clarify when it occurs.

Note!

While certain aspects of joint control have remained unchanged, entities should determine whether it exercises joint control in accordance with IFRS 11. This is because “control” in the new definition of joint control is based on the concept of control outlined in IFRS 10.

How new standard on consolidation affects the establishment of joint control. A common practice in joint activities is the appointment of one of the parties to the agreement as the operator or manager (hereinafter referred to as the operator). The parties to the agreement may partially delegate decision-making powers to such an operator. Now many believe that the operator has no control over the joint activities: its functions are reduced only to the execution of decisions of the parties to the joint venture agreement (or the agreement on the implementation of joint works (JVS)). That is, in fact, the operator acts as an agent. However, based on the new standards, it may turn out that the operator will control joint activities. This is possible because IFRS 10 now introduces new requirements for assessing whether a company is acting as a principal or an agent. This approach is used to determine which party is in control. Assessing whether the operator is acting as a principal (and thus can actually control the joint activity) or as an agent will require careful analysis. When conducting it, it is necessary to take into account the scope of the operator's decision-making powers, the rights of other parties, the operator's remuneration, income from other forms of participation in joint activities.

If it turns out that the operator is acting as an agent, then it recognizes only its interests in the joint activity, as well as the remuneration for the services of the operator. The treatment of the operator's interest in a joint arrangement will depend on whether the arrangement is a joint operation or a joint venture.

What are "significant aspects of activities". These are aspects of a joint venture that have a significant impact on its profitability. Professional judgment must be applied to determine these aspects.

Decisions on significant aspects of activities include:

• decisions on operational matters and capital expenditures, including budget (e.g. program approval capital investments next year);
• decisions on the appointment of key management personnel, attracting contractors to provide services, determining their remuneration, etc.

Note!

The decision-making procedure may change during the period of the joint activity. For example, in the oil and gas industry, at the exploration and appraisal stage, one party to the agreement can make all decisions. However, at the design stage, decisions require the unanimous consent of all parties. In this case, it is necessary to determine which of the types of joint activities (exploration, evaluation, development) has the most significant impact on its profitability. If unanimous agreement is needed on issues that have the most significant impact on profitability, then the activity is considered joint.

What does "unanimous agreement" mean? In order to conclude that there is joint control, it is also necessary to have unanimous agreement on significant aspects of the activity. Unanimous agreement means that any party to a joint activity can prevent other parties (or a group of parties) from making unilateral decisions on significant aspects of the activity. If the requirement of unanimous consent applies only to decisions that confer defense rights on a party in a joint activity, or to decisions related to administrative matters, then that party does not have joint control. Thus, the right to veto a decision to terminate a business under a joint venture agreement is more of a defense right than a right leading to joint control. However, if such a veto relates to significant aspects of the activity (for example, to the approval of the capital budget), it can be the basis for joint control.

In some cases, joint control may indirectly result from the decision-making procedure provided for in the Joint Works Agreement (JACA). For example, for joint activities with 50/50 percent participation shares, the SVSR provides that decisions on significant aspects of activities are made if at least 51 percent of the votes are cast for them. Thus, decisions on significant aspects of activities cannot be made without the consent of both parties. In fact, the parties indirectly agreed on joint control.

The IASC provisions may also establish a minimum threshold for decision-making. Often this minimum threshold can be achieved through the consent of the various parties. In this case, it is impossible to talk about joint control if the agreement does not provide for the unanimous consent of which parties are necessary to make decisions on significant aspects of activities. IFRS 11 provides several examples to illustrate this aspect (table 1).

Table 1. Impact of Svsr Requirements on Establishing Joint Control

Parties to the agreement	Example 1	Example 2	Example 3
		To make decisions on significant aspects, 75 percent of the votes are required	A majority of votes is required to make decisions on significant aspects
Party A, percentage of votes	50	50	35
Side B, percentage of votes	30	25	35
Party C, percentage of votes	20	25	-
Other parties, percentage of votes	-	-	Dispersed among a large number of shareholders
Conclusion	Despite the fact that Party A can block any decision, it has no control over the joint activities. To make decisions, Party A needs the consent of Party B. Thus, Parties A and B jointly control the activities		There is no control (joint control), since different options can be used to make a decision

Types of joint activities

Once joint control has been established, joint arrangement agreements fall into two categories: joint operations and joint ventures.

A significant difference between IFRS 11 and IAS 31 is that the existence of a legally binding agreement is no longer a key factor in the choice of accounting method. The classification of joint arrangements is now based on the assessment of the rights and obligations that the participants have under the terms of the agreement.

The standard refers to joint operations as a joint arrangement that leaves the participants with direct rights over the assets and direct obligations to repay the debt.

Joint ventures are an arrangement of joint arrangements which gives the participants the rights to net assets and the result of activities under the agreement. At the same time, only those agreements that are structured in the form of a separate enterprise can be classified as joint ventures. Thus, agreements that are not structured as a separate entity are always classified as joint operations.

The classification of joint arrangements in accordance with IFRS 11 Joint Arrangements and IAS 31 Interests in Joint Ventures is shown in the figure.

Drawing. Types of joint arrangements in accordance with IAS 31 and IFRS 11

Accounting for joint operations

IAS 31 singled out separate categories jointly controlled assets (JAC) and jointly controlled transactions (JAC). Both of these types of joint arrangements are now referred to as joint operations (JI) under IFRS 11. The accounting treatment for such transactions is largely in line with the requirements of IAS 31. In particular, the joint operator (not to be confused with the operator of a joint arrangement) continues to recognize its assets, liabilities, income and expenses and / or, if any, its share in them. We noted earlier that this accounting treatment is often incorrectly referred to as proportionate consolidation, when in fact it is not. This ambiguity is likely related to the use of the term “proportionate consolidation” in US GAAP. There it is used to describe an accounting method similar to that of SKA and SKO (and now joint operations) under IFRS. As a result, there was an unwarranted concern that all interests in joint arrangements would need to be accounted for using the equity participation... This is not true.

Since the legal form of the agreement is no longer a key factor in the choice of the accounting method, it may turn out that some jointly controlled entities (in the terminology of IAS 31) under the new requirements will need to be classified as joint operations. If the company has previously applied the proportionate consolidation method to account for such agreements, the transition to the requirements of IFRS 11 may not have any impact on the company's financial statements. So, if the joint operator has rights to a certain share (for example, 50%) in all assets, as well as the obligation to fulfill the same certain share (50%) of all liabilities, most likely there will be no differences in the accounting of joint operations ( in accordance with IFRS 11) and the application of the proportionate consolidation method for accounting for a jointly controlled entity (in accordance with IAS 31). However, the financial statements will differ from the previous, prepared using the proportionate consolidation method, if.

Natalia Serdyuk

Methods for recognizing and accounting for tax assets and liabilities under IFRS differ from those given in PBU 18/02 "Accounting for Income Tax Calculations" 1. Knowledge of the main differences and subtleties of accounting will help to avoid difficulties in drawing up reports according to international standards.

Natalya Serdyuk, head of the IFRS department of the Holding Vin group of companies

To account for taxes, IAS 12 Income Taxes uses the so-called balance sheet method, and PBU 18/02 (like the previous version of IAS 12) requires them to be accounted for using the deferral method based on indicators profit and loss statement (OPU) 2.

In international standards, tax differences are defined as differences in the carrying amount of assets and liabilities and their tax base. On their basis, the total amount of deferred taxes is calculated.

The carrying amount (BV) of an asset or liability is the amount at which an asset or liability is accounted for in balance sheet... The tax base (NB) of an asset or a liability is understood as their value, which is accepted for tax purposes.

According to the balance sheet method, the company's financial statements should reflect: tax consequences of the reporting period (current income tax); future tax consequences (deferred taxes).

Practitioner opinion Irina Agafonova, Deputy Chief Accountant for IFRS, Petersburg FM LLC (St. Petersburg)

The difference between PBU 18/02 and IAS 12 is due to different reporting purposes. The objective of IAS 12 is consistent with the general objectives of international standards: to provide reliable information to interested users. Since income tax affects cash outflows and the size of the financial result, it must be accurately calculated and reflected in the financial statements. For users of financial information, it is important not only the current, but also the future tax consequences of transactions that the company carried out during the reporting period, as well as the impact that will have on income tax extinguishment of liabilities and recovery of assets in future periods.

The task of PBU 18/02 is to establish the relationship between the profits obtained from accounting and tax accounting data. These fundamental differences in goals lead to differences in methods and results.

Temporary differences occur

The difference between the carrying amount of an asset or liability and its tax base is called temporary (Figure 1).

The recognition of the effect of future tax consequences gives rise to deferred tax liabilities (DTL) and deferred tax assets (DTT) in the financial statements.

Deferred tax assets are income taxes recoverable in future periods for deductible temporary differences and for the carry forward of unused tax losses and tax credits. Deferred tax liabilities are income taxes payable in future periods due to taxable temporary differences.

The conditions for the occurrence of IT and IT are presented in table. one.

Alpha creates a provision for warranty service in accordance with its accounting policy. In 2006, a reserve was created in the amount of 60,000 rubles, the cost of warranty service amounted to 20,000 rubles. Income tax rate - 30-. In tax accounting, deductions include the actual cost of warranty repairs.

The balance sheet at the end of 2006 will reflect the liability in the line "Reserve for warranty service" in the amount of 40,000 rubles. (60,000 - 20,000). The tax base of the provision will be zero1.

The carrying amount of the liability is greater than its tax base, therefore a deductible temporary difference of RUB 40,000 arises. (40,000 - 0). Thus, a deferred tax asset in the amount of RUB 12,000 is recognized in accounting. (40,000 x 30%).

Deferred tax asset 12,000

Kt Deferred tax expense 12,000

The initial cost of the Alfa equipment as of December 31, 2006 is 70,000 rubles, the amount of accumulated depreciation is 20,000 rubles. The accumulated depreciation for tax purposes is RUB 30,000.

The income tax rate is 30%.

In this case, in the balance sheet the cost of equipment at the end of the year 2007 will be 50,000 rubles, and the tax base of the asset is 40,000 rubles. Since the BS of the asset is larger than its tax base, a taxable temporary difference in the amount of RUB 10,000 arises. (50,000 - 40,000) and a deferred tax liability in the amount of RUB 3,000 is recognized in accounting. (10,000 X 30%). Reflection of transactions in accounting (RUB):

D-t Deferred tax expense 3000

K-t Deferred tax liability 3000

If the carrying amount of the asset is recovered in subsequent periods, Alpha will pay income tax in the amount of RUB 3,000.

According to PBU 18/02, there are differences that arise as a result of the fact that part of income and expenses is not accounted for for tax purposes either in the reporting period or in future periods. In such cases, temporary differences do not arise as changes are not expected in the future. tax payments, that is, the differences are permanent. In IAS 12, the concept of “permanent differences” is not used, and if the difference is constant, then its tax base is assumed to be equal to the accounting one and deferred taxes do not arise. For example, when calculating penalties that are not deductible in tax accounting, the tax base of the accrued liabilities will be equal to their carrying amount.

Calculation and reporting of income taxes

In international accounting, the following components of income tax are distinguished.

1. Current tax (Fig. 2) is the amount of income taxes payable (recoverable) in relation to taxable profit (tax loss) for the period.

It is reflected in the balance sheet as short-term liability equal to the unpaid amount, or as short-term asset if the amount paid exceeds the amount due.

Current tax liabilities or assets are calculated in accordance with tax laws using rates in effect at the reporting date.

2. Deferred tax. Deferred tax assets and liabilities are presented in the balance sheet separately from other assets and liabilities and are classified as non-current items. In assessing them, the tax rate that will prevail when the asset is realized or the liability is settled should be applied. If the future tax rate is not known to change, IAS 12 permits the applicable tax rate at the reporting date.

For example, if from January 1, 2007 a reduction in the profit tax rate from 30 to 25% is envisaged, then when preparing financial statements for 2006, a new tax rate (25%) must be applied to determine deferred taxes, and the current tax must be reflected at the current rate ( thirty%).

Typically, current and deferred tax is recognized as income or expense and included in net profit or loss for the period. But if tax is charged on items that are directly attributed to the capital account, then the amount of taxes arising from this (current and deferred) must be debited or credited directly to the capital account.

In 2006, Alpha carried out a revaluation of its fixed assets. The revaluation amount was 50,000 rubles. The income tax rate is 25%. A revaluation is not recognized in tax accounting, therefore a taxable temporary difference in the amount of RUB 50,000 arises. and a deferred tax liability of RUB 12,500. (50,000 x 25%).

Reflection of transactions in accounting (RUB):

Revaluation

D-t Fixed asset 50,000

Kt Reserve for revaluation of fixed assets 50,000

Deferred tax recognition in equity

D-t Provision for revaluation of fixed assets 12 500

Kt Deferred tax liability 12,500

Deferred tax assets (liabilities) are long-term objects, and their maturity period is often several years. Therefore, specialists sometimes have a question about the possibility of reflecting the discounted amount of deferred taxes in the financial statements. The current IAS 12 prohibits discounting of deferred taxes.

Personal experience Irina Agafonova, Deputy Chief Accountant for IFRS, Petersburg FM LLC (St. Petersburg)

When calculating the current tax on profit in the reporting under IFRS, the amount of this tax for the reporting period is shown, calculated according to the rules of tax accounting and transferred to the accounting for the credit of the account "Current tax on profit" and the debit of the account "Profit and loss". Under RAS, based on accounting profit and reflected adjustments. This calculation is shown in the DPC.

When calculating IT and IT in IAS 12, the balance sheet method is used: the tax base of assets and liabilities reflected in the balance sheet is determined, and the resulting difference forms deferred assets and liabilities. This methodology reflects all future tax consequences that the company will have from the use of assets and settlement of liabilities reflected in the balance sheet at the end of the current period, but does not show in the financial statements the procedure for calculating the current income tax. In our company, SHEs usually arise due to the difference in the amounts of tax and accounting depreciation, preferential treatment of losses from previous years, losses from the sale of fixed assets, and IT - due to the difference in the recognition of expenses for the acquisition of software products and rights to use intellectual property, the difference in repayment of deferred expenses and amortization of fixed assets.

Deferred tax assets and liabilities under RAS are calculated by comparing income and expenses of the reporting period, as reflected in the income statement, with income and expenses included in the income tax return for the reporting period. This technique allows you to see the method for calculating the current income tax in the reporting, but does not take into account future tax consequences.

Income tax is one of the most common taxes paid by commercial companies. Income tax is a direct tax (levied by the state directly on the income or property of the taxpayer) levied on the profits of an organization (enterprise, bank, insurance company, etc.). Profit for the purpose of this tax is generally defined as income from the activities of the company minus the amount of established deductions and discounts. Deductions include: production, commercial, transport costs; interest on debt; advertising and representation costs; research and development costs.

The tax has been in effect in Russia since 1992. Initially it was called “corporate profit tax”, since January 1, 2002 it is regulated by Chapter 25 of the Tax Code of the Russian Federation and is officially called “corporate profit tax”.

The base rate is 20% (before January 1, 2009 it was 24%): 2% - credited to federal budget, 18% - credited to the budgets of the subjects Russian Federation.

According to the results of the reporting period, taxpayers submit tax returns in a simplified form. Non-profit organizations who have no obligation to pay tax, submit a tax return in a simplified form at the end of the tax period (clause 2 of article 289 of the Code).

Income tax returns are submitted based on the results of the reporting period no later than 28 days from the end of the relevant reporting period (I quarter, I half of the year, 9 months), based on the results of the tax period - no later than March 28 of the year following the expired tax period (year ) (clause 3, clause 4 of article 289 of the Code).

Taxpayers calculating the amount of monthly advance payments on the actually received profit, submit tax returns no later than 28 calendar days from the date of the end of the reporting period (1, 2, 3, 4 ... 11 months).

The problems of accounting for calculations for this tax are largely similar for different countries... The main issue in accounting for income tax is to reflect not only current, but also future tax liabilities that will arise from the reimbursement of assets or the extinguishment of liabilities included in the balance sheet at the reporting date. That is, recovering the value of an asset or settling a liability will result in an increase or decrease in tax payments in future periods.

V Russian legislation the following provision is used accounting... PBU 18/02 "Accounting for income tax calculations" was introduced by order of the Ministry of Finance dated November 19, 2002 N 114n. The standard establishes the rules for the formation in accounting and the procedure for disclosing information in the financial statements about the calculations of income tax for organizations recognized in established by law The Russian Federation in the manner of taxpayers of income tax (except for credit, insurance organizations and budgetary institutions). The document defines the relationship between the indicator reflecting the profit (loss), calculated in the manner prescribed by the regulatory legal acts on accounting of the Russian Federation and the tax base for income tax for the reporting period, calculated in the manner prescribed by the legislation of the Russian Federation on taxes and fees. V International practice use IFRS Standard 12 “Income Taxes”. It provides for a general procedure for reflecting income tax calculations in financial statements.

It should be borne in mind that the Russian Ministry of Finance developed RAS 18 on the basis of the previous version of IFRS 12. Only since 1998, the last standard has been significantly changed four times. Last revised IFRS 12 was in 2007. And if modern IFRS 12 is based on a balance sheet approach, then PBU 18/02 still describes the liability method. However, the results of calculating deferred taxes by both methods should be the same. This required condition successful transformation of financial statements from RAS to IFRS.

The purpose of this term paper- study IFRS 12 "Income Taxes" and make comparative analysis of this standard and PBU 18/02 "Accounting for calculations of corporate income tax."

1.1 Purpose and scope of the Standard

In international standards, tax differences are defined as differences in the carrying amount of assets and liabilities and their tax base. On their basis, the total amount of deferred taxes is calculated.

Carrying amount (BV) of the asset or liability Is the amount at which an asset or liability is carried on the balance sheet. The tax base (NB) of an asset or a liability is understood as their value, which is accepted for tax purposes.

According to the balance sheet method, the company's financial statements should reflect: tax consequences of the reporting period (current income tax); future tax consequences (deferred taxes).

The objective of IAS 12 is consistent with the general objectives of international standards: to provide reliable information to interested users. Since income tax affects cash outflows and the size of the financial result, it must be accurately calculated and reflected in the financial statements. For users of financial information, it is important not only the current, but also the future tax consequences of transactions that the company carried out during the reporting period, as well as the impact that will have on income tax extinguishment of liabilities and the recovery of the value of assets in future periods.

This Standard requires an entity to account for the tax consequences of transactions and other events in the same way it accounts for those transactions and events themselves. Therefore, the tax consequences of transactions and other events recognized in the income statement are reflected in the same statement. The tax consequences of transactions and other events recognized directly in equity are also reflected directly in equity. Likewise, the recognition of deferred tax assets and liabilities on a business combination affects the amount of good or bad goodwill arising from that combination. This Standard also addresses the recognition of deferred tax assets arising from unaccepted tax losses or unused tax credits, the presentation of income taxes in the financial statements and the disclosure of information related to income taxes.

For the purposes of this Standard, income taxes include all national and foreign taxes based on taxable income. Income taxes also include taxes such as withholding tax, which are paid by a subsidiary, associate or joint venture on income distributed to the reporting company. In some jurisdictions, income taxes are paid at a higher or lower rate if part or all of the net income or retained earnings paid as dividends. In some other jurisdictions, income taxes may be refundable if part or all of the net income or retained earnings is paid as dividends. This Standard does not specify when or how an entity should account for the tax consequences of dividends and other distributions of profits made by the reporting entity. This Standard does not deal with the accounting for government grants (see IFRS 20, Accounting for Government Grants and Disclosure of Government Assistance) or investment tax credit. However, this Standard deals with the accounting for temporary differences that can arise from such grants or investment tax credits.

1.2 Occurrence of temporary differences under IFRS

The difference between the carrying amount (BV) of an asset or liability and its tax base (NB) is called temporary (BP).

BP = BS - NB

Temporary differences can be:

· Taxable temporary differences (NTDs), which are temporary differences that give rise to taxable amounts in future periods when the carrying amount of an asset or liability is recovered (settled); or

Deductible temporary differences (TDDs), which are temporary differences that give rise to amounts deducted in the calculation of taxable profit ( tax loss) in the following tax periods upon reimbursement (extinguishment) of the carrying amount of an asset or liability.

Temporal differences

(Book value - Tax base)

Deductible (VVR) x Forecasted income tax rate = Deferred tax assets (SHE = VVR x tax rate)

BS asset< НБ актива, или БС обязательства >NB liabilities

Taxable (НВР) х Forecasted income tax rate = Deferred tax liabilities (IT = НВР х tax rate)

BS of an asset> NB of an asset, or BS of a liability< НБ обязательства

Where, BS - book value, NB - tax base

SHE - deferred tax assets, IT - deferred tax liabilities.

The difference between the carrying amount of an asset (liability) and its value determined for tax purposes, i.e. the time difference is leveled over time.

The tax base (NB) is the amount at which an asset or liability is accounted for for tax purposes.

The tax base of an asset is the amount that will be recognized as an expense for tax purposes and deducted from any taxable income received by the company when it recovers the carrying amount of the asset. Moreover, if the economic benefits are not taxed, the tax base of the asset is equal to its book value.

The recognition of the effect of future tax consequences gives rise to deferred tax liabilities (DTL) and deferred tax assets (DTT) in the financial statements.

Deferred tax assets Is the amount of income tax recoverable in subsequent tax periods in relation to:

1.deductible temporary differences,

2. carry forward unrecognized tax losses,

3. unused tax credits carried forward.

Deferred tax liabilities Is the amount of income tax payable in future periods due to taxable temporary differences.

IT is recognized for all taxable temporary differences, unless the difference arises from the initial recognition of an asset or liability as a result of business transaction which:

1. is not a business combination; and

2. at the time of implementation does not affect either accounting or taxable profit (loss).

Deferred tax liabilities are calculated as the product of the taxable temporary difference and the projected income tax rate, which is the income tax rate that will apply in the period when the temporary difference is settled.

IT = НВР х Forecasted tax rate

However, a taxable temporary difference arises when:

Asset BS> Asset NB, or

BS commitments< НБ обязательства

Deferred tax liability is generally charged with the following accounting entry:

D-t count. Income tax expense amount

However, if the taxable temporary difference relates to a temporary difference arising from the revaluation of assets at fair value attributable directly to capital gains - the revaluation reserve, then the source of accrual for the deferred tax liability is the equity account:

D-t count. Revaluation reserve amount

Kit count. Deferred tax liability amount

A deferred tax asset is recognized for all deductible temporary differences to the extent that it is certain that taxable profit will be sufficient to use them, unless the initial recognition of an asset or liability arises from a transaction that:

1.not a business combination,

2. at the time of the transaction, it does not affect either accounting or taxable profit (loss).

SHE = VVR x Forecasted tax rate.

In this case, the deductible temporary difference arises when:

BS asset< НБ актива, или

BS liabilities> NB liabilities

SHE is charged by the following accounting entry:

D-t count. Deferred tax asset amount

Kit count. Income tax expense amount

The conditions for the occurrence of IT and IT are presented in table. one .

Table 1 Determination of deferred taxes using the balance sheet method

1.3 Calculation and reporting of income taxes in IFRS

In international accounting, the following components of income tax are distinguished.

1. Current tax Is the amount of income taxes payable (recoverable) in relation to taxable profit (tax loss) for the period.

ТН = NP х Current income tax rate

Current tax is reflected in tax return as the amount to be paid (reimbursed) for the reporting period and can be both positive and negative.

It is necessary to distinguish the current tax from the current debt to the budget for income tax, reflected in the accounting accounts.

In the balance sheet, it is reflected as a short-term liability equal to the unpaid amount, or as a short-term asset if the amount paid exceeds the amount due.

Current tax liabilities or assets are calculated in accordance with tax laws using rates in effect at the reporting date.

2. Deferred tax... Deferred income tax (DT) is determined by the amount of changes for the reporting period in the amount of deferred tax assets and liabilities, determined using the balance sheet method.

Deferred income tax consists of the following components:

OH = Change IT + Change IT

Where, IT is a deferred tax asset, IT is a deferred tax liability.

Deferred tax assets and liabilities are presented in the balance sheet separately from other assets and liabilities and are classified as non-current items. In assessing them, the tax rate that will prevail when the asset is realized or the liability is settled should be applied. If the future tax rate is not known to change, IAS 12 permits the applicable tax rate at the reporting date.

For example, if from January 1, 2009, a reduction in the income tax rate from 24 to 20% is envisaged, then when preparing financial statements for 2008, a new tax rate (20%) must be applied to determine deferred taxes, and the current tax must be reflected at the current rate ( 24%).

Typically, current and deferred tax is recognized as income or expense and included in net profit or loss for the period. But if tax is charged on items that are directly attributed to the capital account, then the amount of taxes arising from this (current and deferred) must be debited or credited directly to the capital account.

Deferred tax assets (liabilities) are long-term objects, and their maturity period is often several years. Therefore, specialists sometimes have a question about the possibility of reflecting the discounted amount of deferred taxes in the financial statements. The current IAS 12 prohibits discounting of deferred taxes.

When calculating the current tax on profit in the reporting under IFRS, the amount of this tax for the reporting period is shown, calculated according to the rules of tax accounting and transferred to the accounting for the credit of the account "Current tax on profit" and the debit of the account "Profit and loss". Under RAS, based on accounting profit and reflected adjustments. This calculation is shown in the DPC.

When calculating IT and IT in IAS 12, the balance sheet method is used: the tax base of assets and liabilities reflected in the balance sheet is determined, and the resulting difference forms deferred assets and liabilities. This methodology reflects all future tax consequences that the company will have from the use of assets and settlement of liabilities reflected in the balance sheet at the end of the current period, but does not show in the financial statements the procedure for calculating the current income tax. In our example 3 in the company, ONA usually arise due to the difference in the amounts of tax and accounting depreciation, preferential treatment of losses of previous years, losses from the sale of fixed assets, and IT - due to the difference in the recognition of expenses for the acquisition of software products and rights to use intellectual property property, the difference in the repayment of deferred expenses and depreciation of fixed assets.

International accounting allows the offset of deferred tax assets and liabilities. The net amount of deferred taxes is reflected in the reporting only when the organization has the right to reduce current (real) tax liabilities by the amount of current tax assets and when the deferred taxes relate to income tax established by the same legislation.

3... Income tax(tax expense or income from tax refunds) reflected in the income statement is the total that includes current income tax and deferred taxes for the period.

NP = TH + OH

IAS 12 requires not only to reflect the amount of income tax in the income tax, but also to disclose its main components (current and deferred taxes related to the occurrence and settlement of temporary differences in the reporting period).

In addition, income tax may include the amount of deferred tax arising from changes in the tax rate, revision of the assessment of deferred tax assets, recognition of deferred assets from losses of previous years, and adjustments in accounting policies.

2.1 Occurrence of temporary differences

Example 1.

Alpha creates a provision for warranty service in accordance with its accounting policy. In 2008, a reserve was created in the amount of 60,000 rubles, the cost of warranty service amounted to 20,000 rubles. The income tax rate is 20%. In tax accounting, deductions include the actual cost of warranty repairs.

The balance sheet at the end of 2008 will reflect the liability in the line "Reserve for warranty service" in the amount of 40,000 rubles. (60,000 - 20,000). The tax base of the reserve will be zero.

The carrying amount of the liability is greater than its tax base, therefore a deductible temporary difference of RUB 40,000 arises. (40,000 - 0). Thus, a deferred tax asset in the amount of RUB 8,000 is recognized in accounting. (40,000 x 20%).

Deferred tax asset 8,000

Kt Deferred tax expense 8,000

Example 2.

The initial cost of the Alfa equipment as of December 31, 2008 is 70,000 rubles, the amount of accumulated depreciation is 20,000 rubles. The accumulated depreciation for tax purposes is RUB 30,000.

The income tax rate is 20%.

In this case, in the balance sheet the cost of equipment at the end of the year 2009 will be 50,000 rubles, and the tax base of the asset is 40,000 rubles. Since the BS of the asset is larger than its tax base, a taxable temporary difference in the amount of RUB 10,000 arises. (50,000 - 40,000) and a deferred tax liability in the amount of RUB 2,000 is recognized in accounting. (10,000 x 20%). Reflection of transactions in accounting (RUB):

D-t Deferred tax expense 2000

K-t Deferred tax liability 2000

If the carrying amount of the asset is recovered in subsequent periods, Alpha will pay income tax in the amount of RUB 2,000.

2.2 Deferred tax

Example 3.

In 2008, Alpha performed a revaluation of its fixed assets. The revaluation amount was 50,000 rubles. The income tax rate is 20%. A revaluation is not recognized in tax accounting, therefore a taxable temporary difference in the amount of RUB 50,000 arises. and a deferred tax liability of RUB 10,000. (50,000 x 20%).

Reflection of transactions in accounting (RUB):

Revaluation

D-t Fixed asset 50,000

Kt Reserve for revaluation of fixed assets 50,000

Deferred tax recognition in equity

D-t Provision for revaluation of fixed assets 10,000

Kt Deferred tax liability 10,000

2.3 Income tax

Example 4.

The current tax on profits of the company "Alpha" for 2008 is 1000 rubles. Deferred tax liability balance for last year is equal to 2000 rubles.

At the end of the reporting period, the book value of the company's assets exceeded their taxable base by 20,000 rubles. The income tax rate is 20%.

According to the condition of the example, the taxable temporary difference will be 20,000 rubles, IT - 4,000 rubles. (20,000 x 20%), increase in deferred tax - 2,000 rubles. (4000 - 2000).

Income tax in the OPU for 2008 will amount to 3000 rubles. (1000 + 2000) (Table 2).

Table 2 A fragment of the financial statements for 2008 with the reflection of the components of income tax

It is no secret that many norms Russian regulations for accounting are borrowed from international standards. PBU 18/02 "Accounting for Income Tax Calculations" is no exception: its prototype is IFRS 12 "Income Taxes". However, upon closer examination, it turns out that these documents have serious fundamental differences.

The difference between PBU 18/02 and IAS 12 is due to different reporting purposes. The objective of IAS 12 is consistent with the general objectives of international standards: to provide reliable information to interested users. Since income tax affects cash outflows and the size of the financial result, it must be accurately calculated and reflected in the financial statements. For users of financial information, it is important not only the current, but also the future tax consequences of transactions that the company carried out during the reporting period, as well as the impact that will have on income tax extinguishment of liabilities and recovery of assets in future periods.

The task of PBU 18/02 is to establish the relationship between the profits obtained from accounting and tax accounting data. These fundamental differences in goals lead to differences in methods and results.

3.1 An approach to highlighting differences

PBU 18/02 distinguishes two types of differences between accounting and taxable profit: permanent and temporary.

Permanent differences in the Regulations mean income and expenses that are reflected in the accounting records and do not participate in the calculation of the taxable base for income tax both in the reporting and subsequent periods. Multiplying the permanent difference by the income tax rate gives the permanent tax liability (PSL). In fact, this is an increase in income tax payments in the reporting period compared to the amount of tax calculated according to accounting data. The latter in PBU 18/02 is designated as conditional income (expense) for income tax. IFRS 12, by the way, does not introduce such a concept, although accounting profit and tax from it, of course, appear in international reporting.

IFRS 12 only defines temporary differences. The constants are not separately distinguished in it, since the Western standard does not prescribe in mandatory count them. That is, if the difference is constant, then its tax base is assumed to be equal to the accounting one and deferred taxes do not arise. For example, when calculating penalties that are not deductible in tax accounting, the tax base of the accrued liabilities will be equal to their carrying amount.

Interestingly, the PBU does not consider the concept of a permanent tax asset (PNA), although it needs to be calculated. The reason, apparently, lies in the fact that these cases are quite rare. PNA are formed when part of the income recognized in accounting is not taken into account for tax purposes. For example, subparagraph II of paragraph I of Article 251 of the HK RF states that when determining the tax base for income tax, in some cases, property received free of charge is not taken into account.

The fact is that the main purpose of PBU 18/02 is to link the income tax for the reporting period, which must be transferred to the budget, with the one that was formed according to accounting data. The calculation formula for this is given in the Regulations.

Unlike PBU, IFRS 12 does not set as its main goal the calculation of income tax based on accounting data, although it allows you to cope with this task. Indeed, in any case, this will not eliminate the need to keep tax records. The main thing in the international standard is the calculation of deferred taxes in order to reflect in the reporting only current, but also future tax liabilities and assets. And since permanent differences only affect the financial result of the current period, they are simply excluded from the calculation.

3.2 Differences in accounting for temporary differences

In general, temporary differences are the differences between the results of accounting and tax accounting that arise when they do not coincide with the recognition of expenses or income. Deductible temporary differences arise when expenses in accounting are recognized earlier, and income - later than in tax. The reasons for taxable temporary differences are reversed.

PBU I8 / 02 distinguishes deductible and taxable temporary (with an emphasis on the last syllable) differences. The latest revision of IFRS 12 emphasizes the word “temporary” on the first syllable. Even the English equivalents of these adjectives are different: timing and temporary, respectively. This point is fundamental and is due to differences in calculation methods. In PBU 18/02, the method is used from the standpoint of the profit and loss statement, or operational, in IFRS 12 - the balance sheet, or the liability method. This is the main difference between Russian and international standards. And it is due to their different goals, which, in turn, are predetermined by the audience of users of financial statements.

However, such a fundamental difference looks rather strange, since PBU 18/02 is, in fact, a translation from English IFRS 12. The reason for the discrepancy is simple. Developers Russian document for some unknown reason, they took as a basis the old edition of the international standard, which was in force until January 1, 1998. It was in it that the approach was applied from the standpoint of the income statement. New edition IFRS 12 uses the balance sheet method.

When comparing international and Russian standards, one should pay attention to another important point - confusion with terminology in PBU 18/02. According to IFRS 12, the balance sheet shows deferred tax assets and liabilities (deferred taxes) as such in absolute terms at the reporting date, and in the income statement - their change over the period, which is logical. This is exactly what was written in the old edition of IFRS 12. If you literally read the wording of PBU 18/02, deferred taxes in Form No. 2 are reflected in absolute terms, although in fact they mean their changes.

3.3 Features of the operational method PBU 18/02. Features of the balance sheet approach in IFRS 12

Russian PBU 18/02 approaches deferred taxation from an income and expense perspective. Our standard assumes that an enterprise must constantly monitor all differences that arise between accounting and tax accounting... And this is necessary, first of all, for calculating the current income tax and linking the accounting estimate of this indicator with its tax base, and not for calculating deferred taxes. After all, the main user of financial statements in our country is still government agencies. That is, institutions that by their nature do not make management decisions, but control their initiators.

Doesn't bring much benefit to PBU 18/02 and accountants. After all, it does not allow calculating the base for income tax on the filed accounting, thus relieving the company from the need to maintain separate accounting for income tax: the data for postings in accordance with PBU 18/02 will still have to be taken from tax registers.

Unlike PBU 18/02, deferred assets and liabilities under IFRS 12 arise when comparing balance sheets - accounting and the so-called tax balance at one reporting date. The first includes assets, liabilities, capital as measured in accordance with IFRS. In the second, everything is the same, assessed in accordance with tax legislation. Thus, the essence of the balance sheet approach is to calculate the difference between the balance sheet value of assets and liabilities and their value for tax purposes. Note that this approach underlies not only IFRS, but also US GAAP.

In accordance with IFRS, the main purpose of financial statements is to provide users with information for making economic decisions. First of all, we are talking about the owners and investors of the company. They are interested in whether she will be able to pay dividends, interest, repay loans, etc. And this depends on the income and expenses of the company in the future, including on the upcoming tax payments. Therefore, if the future amount of income tax can be reliably predicted, this should be reflected in the company's statements. And the easiest way to achieve this is the balance method.

The algorithm for reflecting deferred taxation using the balance sheet method consists of five steps. The first is the determination of the book value of all assets and liabilities in accordance with IFRS rules. The second is the calculation of their tax value by tax regulations operating on the territory of the location of the company, for Russia - in accordance with the Tax Code of the Russian Federation. The third step is to determine the temporary difference by deducting the carrying amount of the asset or liability from the tax base. If the carrying amount of the asset is higher than the tax value (in the case of a liability, lower), a taxable temporary difference arises.

Otherwise, a deductible temporary difference is generated.

The fourth step is to calculate the deferred tax asset or deferred tax liability. IT and IT are obtained by multiplying temporary differences by the tax rate (in Russia - 20%). Well, and at the last, fifth stage, you need to calculate the amounts to be reflected in the balance sheet and in the income statement. When using the balance method, we have already defined the first. This is the very same IT and IT. The amount to be included in the income statement is the sum of the difference between the amount obtained in step 4 and the opening balance at the beginning of the reporting period. That is, the change in the value of IT and IT for the reporting period is included in the profit and loss statement.

Another advantage of the balance sheet method in comparison with the operating method is that it allows you to reflect in the reporting the deferred effect of those rare species operations that are not reflected in the profit indicator, but only change the capital.

The results of applying one method or another will differ if the income tax rate changes. The International Standard for deferred taxes prescribes the use of rates that will be in effect in the future. So, if it is known that next year the rate will be reduced from 24 to 20 percent, you need to use exactly 20 percent. That is, the opening balance of deferred taxes at the date from which the new rate must be recalculated.

Let us also pay attention to the following point: if in Russian accounting arising tax assets are always recognized, then in international accounting essential has the professional judgment of an accountant. The point is that in general principles IFRS is based on the concept of prudence, or conservatism, according to which assets and income in financial statements should not be overestimated, and liabilities and expenses should not be understated.

3.4 Reflection in accounting for temporary differences

There are separate accounts for temporary differences. The deductible temporary difference is reflected on account 09 "Deferred tax asset":

Deferred tax asset is recorded.

As decreasing or full repayment of deductible temporary differences, the deferred tax assets are also reduced or settled. In this case, the posting is made in the accounting:

Decreased or fully repaid the amount of the deferred tax asset.

If the object for which the organization has recorded a deferred tax asset has been disposed of (for example, upon the sale of a fixed asset), the following entry is drawn up:

DEBIT99 CREDIT 09

The amount of the deferred tax asset has been written off.

You need to keep records of a deferred tax liability on account 77 "Deferred tax liabilities":

DEBIT 68 subaccount "Calculations of income tax"

Deferred tax liability recorded.

Deferred tax liabilities must also be reduced or settled as the taxable temporary differences decrease or disappear. In this case, the posting is drawn up in the accounting:

CREDIT 68 subaccount "Calculations of income tax"

Decreased or fully extinguished the amount of the deferred tax liability.

If the item for which the deferred tax liability is recorded is disposed of, an entry is made:

DEBIT 77 CREDIT 99

The amount of the deferred tax liability has been written off.

IFRS 12 does not provide for accounting for contingent income tax expense and permanent tax liabilities. Current tax and the amount of deferred taxes that have arisen in the reporting period are reflected on the corresponding accounts - "Current income tax" (analogue of account 68) and "Deferred taxes" (analogue of accounts 09 and 77) in correspondence with account "Income tax expense "(analogue of the subaccount" Income tax expenses "of account 99).

Deferred tax assets and liabilities under RAS are calculated by comparing income and expenses of the reporting period, as reflected in the income statement, with income and expenses included in the income tax return for the reporting period. This technique allows you to see the method for calculating the current income tax in the reporting, but does not take into account future tax consequences.

It should be noted that international financial reporting standards are not accounting standards like, for example, Russian PBUs. They don't have a chart of accounts accounting entries, primary documents or accounting registers. IFRS are reporting standards as the final stage accounting work... They do not impose any special requirements directly on bookkeeping.

The fundamental feature of international financial reporting standards is that when working with reporting, they recommend starting not from legislative norms, but from economic realities. Thus, one of the main principles of IFRS is the priority of economic content over form.

IFRS 12 “Income Taxes” provides a general procedure for reflecting income tax calculations in financial statements.

The main issue in accounting for income tax is to reflect not only current, but also future tax liabilities that will arise from the reimbursement of assets or the extinguishment of liabilities included in the balance sheet at the reporting date. The mechanism of deferred taxes is applied to resolve this issue.

Based on the collected materials, the following conclusion can be drawn: although PBU 18/02 is a prototype of Art. 12 IFRS, these 2 standards are fundamentally different. This is due to the fact that these standards are developed for different purposes. In particular, PBU18 / 02 was developed for the control of domestic enterprises by government agencies, and IFRS for the assessment by investors. investment attractiveness company, its prospects. After all, the main user of financial statements in our country is still government agencies. That is, institutions that by their nature do not make management decisions, but control their initiators.

In accordance with IFRS, the main purpose of financial statements is to provide users with information for making economic decisions. First of all, we are talking about the owners and investors of the company. They are interested in whether she will be able to pay dividends, interest, repay loans, etc. And this depends on the income and expenses of the company in the future, including on the upcoming tax payments. Therefore, if the future amount of income tax can be reliably predicted, this should be reflected in the company's statements.

As a rule, in most cases the application of both PBU 18/02 and IFRS 12 leads to the same results. And both standards require detailed tax accounting. At the same time, the method of accounting for deferred taxes under IFRS 12 should be recognized as more convenient and accurate.

Convenient - because you do not need to reflect permanent tax assets and liabilities. Indeed, for users of reporting, only deferred ones matter. Consequently, accounting in accordance with PBU 18/02 requires the preparation of essentially meaningless entries and unnecessary calculations. In addition, for correct work on Russian standard deferred taxes and temporary differences must be accrued throughout the year. And the international one is applied at a time - on the reporting date.

Accurate - because if PBU 18/02 is not applied from the very beginning of the enterprise, then this will not allow the formation of IT and IT for past transactions, which led to differences in the current accounting and tax value of assets and liabilities. And IFRS 12 will quite successfully cope with this task. In addition, the method used in the Russian PBU allows you to see only changes for the year, but does not make it possible to find out the state of deferred tax in full.

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