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FRS 102: Income tax under UK GAAP

FRS 102 Section 29 Income Tax sets out the requirements that apply to the recognition and measurement of current tax, deferred tax, VAT and other similar sales taxes.

The standard

The requirements regarding income tax and VAT (and other similar recoverable sales taxes) are set out as part of FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.

FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.

ICAEW guides and support

Helpsheets and factsheets

FRS 102 Deferred Tax factsheet

15-11-2017

This 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. Published 15 November 2017 (updated March 2018).

Deferred tax under FRS 102

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01-12-2015

Technical helpsheet issued to help members understand how to account for deferred tax under FRS 102.

Webinars and recordings

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Taxation

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Steve Collings Financial Reporting for Unlisted Companies in the UK and Republic of Ireland 2021

A detailed, practical chapter on issues surrounding taxation for financial reporting under UK GAAP, containing many examples. Includes sections on current tax, deferred tax and disclosure requirements for income tax.

Accounting for Tax

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Julia Penny Accounting Principles for Tax Purposes 2021

A full chapter on accounting for tax, in this accessible introduction to the accounting rules relevant to tax computations in the UK. Includes sections on accounting for VAT and accounting for income tax. Written for tax practitioners who wish to gain a better understanding of accounting rules in the UK.

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eBooks

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 library@icaew.com.

Income tax

Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter on accounting for income tax gives a comparison of FRS 102 Section 29 and IFRS, and covers VAT and similar sales taxes, current tax, recognition and measurement of deferred tax, allocation of tax charge or credit, consolidated tax returns and offset of taxable profits and losses within groups, presentation, and disclosure.

Taxation

A practical manual for preparing new UK GAAP-compliant disclosures. This chapter gives an overview of current and deferred tax, and discusses the presentation of taxes in comprehensive income and equity, presentation in the balance sheet, offsetting, and disclosure requirements under FRS 102 Section 29.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Example accounts

Model accounts and disclosure checklists for 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.


Further reading

Manuals and handbooks

The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 102 and income tax or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

GAAP 2019: UK reporting – FRS 102 (Volume B)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply FRS 102, with worked examples and extensive interpretation and guidance. The chapter on income tax covers the recognition and measurement of current tax and deferred tax, foreign taxation, VAT and other similar sales taxes, group tax issues, presentation, and disclosure.

Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples throughout, dealing with day-to-day issues as well as complex questions. The chapter on income tax looks at current tax, uncertain tax positions, deferred tax, accounting for specific timing differences, measurement issues with deferred tax, deferred tax assets, tax treatment in consolidated financial statements, presentation and disclosures. 

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Ask ICAEW Technical Advisory Service

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