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Accounting for tax consolidation under Australian equivalents to IFRSs

Published on: 08 Aug 2005

This Discussion Paper from Deloitte (Australia) focuses on UIG Interpretation 1052 Tax Consolidation Accounting (Interpretation 1052).

However, from a commercial perspective, there are three clear messages for Australian entities arising from Interpretation 1052:

  1. tax funding arrangements need to be reviewed and if necessary rewritten to avoid superfluous accounting implications
  2. the costs and benefits of any systems changes need to be considered
  3. care needs to be taken to ensure that the accounting methodology adopted does not result in unfavourable tax consequences.

This paper explores these issues in addition to providing an in-depth analysis of the accounting mechanics of Interpretation 1052.

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