This publication contains recommendations as to how companies might address the tax reporting challenges brought about by recent changes including IFRS and auditor independence.

The report draws on market research which investigates how large businesses in the UK are managing the challenges of tax reporting. Some of the facts uncovered may be surprising. Company tax directors and managers lack confidence in their company figures and many are concerned that errors in brought forward balances may eventually lead to material errors. There is a high level of discomfort with the technical requirements of the accounting standards, and accounting systems appear not to support the requirements of the tax function - making it difficult to get the numbers right.

Deloitte gives its view of tax reporting best practice and makes a number of recommendations as to how companies can get to a 'fit for purpose' year end.  Key recommendations for companies include the adoption of tax basis balance sheets; full quarterly tax reporting; and real time audits which conclude on the tax reporting impact of significant transactions, as they happen, to enable early identification of material issues.

Learn more from the full report, Mind the GAAP (PDF, 260KB).