Deloitte (Australia) publication analyses the accounting implications of proposed new resources taxes
14 Jul 2011
Deloitte (Australia) has published Extracting Value Issue 12 which analyses some of the conceptual accounting issues arising from the Australian Government's proposed Mineral Resource Rent Tax (MRRT) and extension of Petroleum Resource Rent Tax (PRRT).
On 10 June 2011, the Federal Government released for public comment an exposure draft for some aspects of the proposed MRRT legislation, which will apply to all iron ore and coal projects (with some limited exceptions).
The proposed introduction of the MRRT and extension of the PRRT calls into question the interpretation of International Financial Reporting Standards (IFRSs) required by the application of Interpretation 1003 Australian Petroleum Resource Rent Tax (PRRT) in Australia. It may have other financial reporting consequences at June 2011, including 'key uncertainty' disclosure in upcoming financial reports.
Click for Extracting Value Issue 12.
