In its Pre Budget Report document on the tax implications of IFRS, the Revenue focused heavily on issues surrounding the financial instruments standard, but admitted that it was too soon to be able to judge how this standard will affect its income streams.
As a result, the tax effect of most transitional adjustments had been put off until its impact was clearer.
‘The Inland Revenue clearly recognised they needed to defer finalising the IAS39 tax impacts because they haven’t been able to get that finally agreed in an appropriate timeframe to be effective from 1 January,’ said PricewaterhouseCoopers tax director Gillian Wild.
‘Given the uncertainty this brings, we may start to see some UK companies hesitating over when they adopt IFRS as a choice at entity level.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements