FRS 19 Deferred Tax
Issued December 2000. Effective for accounting periods ending on or after 23 January 2002.
FRS 19 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
FRS 19 requires full provision for deferred tax assets and liabilities arising from timing differences. However there is generally no deferred tax recognised on the revaluation of fixed assets where there is no commitment to sell the asset.
Discounting of deferred tax balances is allowed but not required.
Amongst the disclosure requirements is a reconciliation of the current tax charge for the period to the charge that would arise if the profits reported in the financial statements were charged at the standard rate of tax.
Last updated 21 June 2015