Deferred tax under new UK GAAP
Section 29 of the accounting standard FRS 102 covers accounting for deferred tax and income tax. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.
General guidance and information on the accounting standard is available from our FRS 102 page.
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- Guidance and support from ICAEW
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FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland
As issued by the Financial Reporting Council (FRC) in September 2015. This updated edition incorporates amendments issued in September 2014, February 2015, March 2015 and July 2015. Deferred tax is covered in Section 29 with income tax.
More information and links to previous versions and amendments are available on our main FRS 102 page.
Model accounts and disclosure checklists for new UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, FRS 103 and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
ICAEW guidance and support
FRS 102: Accounting for deferred tax
This helpsheet addresses some of the commonly asked questions about accounting for deferred tax under Section 29 of FRS 102.
Deferred tax: FRS 102 factsheet
This Financial Reporting Faculty factsheet provides an overview of the accounting and disclosure requirements for deferred tax in accordance with FRS 102 in response to some frequently asked questions about this challenging topic. It covers PPE and investment properties, financial instruments, share-based payments, defined benefit pension schemes, business combinations, group aspects, and disclosures. Updated in March 2018.
Ask ICAEW Technical Advisory Service
Get an opinion from the experts. Our experienced technical advisors can help you with your new UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.
Questions we've dealt with recently include:
- What additional items do I need to provide deferred tax on?
- When do I have to apply FRS 102 to my UK company client?
- How does FRS 102 impact charities?
Find out more about the Technical and ethics advisory helpline, including our opening hours.
Financial Reporting Faculty
Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.
The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact firstname.lastname@example.org.
Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015
Steve Collings (2015)
A detailed, practical guide to applying UK GAAP with specific sections covering:
- Summary of the key differences between FRS 102 and ‘old’ UK GAAP: Deferred taxation
- Income tax: Deferred taxation
Includes discussion of timing difference 'plus' and permanent differences.
- Income tax: Measurement of deferred tax
- Income tax: Discounting deferred tax balances
Includes discussion of deferred tax assets, deferred tax liabilities, deferred taxation in business combinations and other topics with examples.
UK GAAP financial statement disclosures manual
Steve Collings (2016)
A practical manual for preparing new UK GAAP-compliant disclosures. This guide collects all of the latest guidelines into one place and is designed for practical application with many real-world examples. The chapter on taxation covers:
UK GAAP 2017: Application of FRS 100–104 in the UK
This guide has been fully updated to reflect the application of the new accounting standard in practice. It focuses on each area of the financial statement in detail and explains how they are treated by FRS 102, with illustrative examples. The chapter on income tax covers:
Articles are available to logged-in ICAEW members, ACA students and other entitled users.
Articles from other sources
Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.
FRS 102: Current and deferred tax reporting – tips and advice Available online to subscribers only or in print from the library
CCH Daily, November 2016
Helen Lloyd FCA reviews FRS 102 and tax focusing on Section 29 Income Tax, covering the accounting for current and deferred tax using language and principles which will be familiar to UK GAAP preparers, but with modifications to the detail.
FRS 102: Tips and pitfalls on tax and mergers under new UK GAAP Available online to subscribers only or in print from the library
Accountancy, March 2016
Reporting deferred tax and intra-group transfers of assets under new UK GAAP can be commercially detrimental but there are ways to protect the balance sheet. This article provides useful tips and advice for first-time adopters. Free registration is required to view this article.
Choosing the right FRS: Accounting for deferred tax – part 4 Available online to subscribers only or in print from the library
Accountancy, February 2016
Part four of a series on UK GAAP transition, this article considers deferred tax pitfalls and the best accounting framework for UK companies from FRS 105 to full-blown FRS 102 or in some instances, IFRS. Free registration is required to view this article.
FRS 102: How to deal with deferred tax under new UK GAAP
Accountancy, October 2015
Article examining the potential pitfalls of the new approach to deferred tax accounting under the FRS 102 framework, with tips, advice and practical examples covering revalued assets, business combinations, disclosures and share-based payments. Free registration is required to view this article.
FRS 102 case study 6: Grants, tax and capital assets
Accountancy, August 2015
Part six of the series on FRS 102, this article considers accounting for government grants and deferred tax on capital assets, with tips and sample accounts under the new UK GAAP. Free registration is required to view this article.
FRS 102 case study 3: Tax, cashflow and mergers
Accountancy, May 2015
Part three of the series on FRS 102 assesses accounting issues for tech start-ups and business combinations, particularly the changes to treatment of tax reporting under the new UK GAAP. Free registration is required to view this article.
FRS 102: Part 6 – Deferred tax Available online to subscribers only or in print from the library
Accountancy, December 2013
Sixth in a series of articles exploring where FRS 102 differs from current UK GAAP. This part looks at the treatment of deferred tax, with reference to the revaluation of fixed assets and timing difference, fair value adjustments on acquisition, and discounting tax assets and liabilities. It also contrasts FRS 102 to IFRS. Free registration is required to view this article.
FRS 102: Deferred tax issues explained
Detailed article from AccountingWEB by Steve Collings explaining how deferred tax is handled within FRS 102. Published May 2013.
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