IFRS for SMEs / Third edition changes / Section 29 in the third edition: uncertain tax treatments
Section 29 in the third edition: uncertain tax treatments
Section 29 adds guidance on income tax treatments that SARS may not accept, and a disclosure relating to the global minimum tax rules.
What changes
- 29.34A–29.34D Reflect an uncertain tax treatment in current and deferred tax when it is not probable that the tax authority will accept it.
- 29.42 A disclosure relating to the global minimum tax (Pillar Two) rules, relevant only to members of large multinational groups.
What to prepare
- Ask whether any deduction or exemption claimed is disputed with SARS or likely to be challenged.
How Sight handles it
Uncertain tax treatments are a confirmation on the third-edition checklist; the taxation note still reconciles tax at 27% to the charge.
Section 29: Income Tax: the section in full.
Other third-edition changes
- Section 2 in the third edition: concepts and pervasive principles
- Section 3 in the third edition: material accounting policy information
- Section 4 in the third edition: disaggregating line items
- Section 6 in the third edition: dividends declared after year end
- Section 7 in the third edition: financing liabilities and supplier finance
- Section 8 in the third edition: material policies and judgements
- Section 11 in the third edition: one section for financial instruments, ageing and maturity
- Section 12 in the third edition: the new fair value section
- Section 19 in the third edition: business combinations
- Section 23 in the third edition: the five-step revenue model
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