93 0 obj 0000015834 00000 n 0000001535 00000 n endobj %PDF-1.4 %���� 57 0 obj False <> <> endobj <> The larger the lease portfolio, the greater the impact on key reporting metrics – on the balance sheet, companies will appear to be more asset-rich, but will also be more heavily indebted whilst on the income statement operating costs will decrease and will instead be replaced by depreciation of the right-of-use asset and a finance charge. 75 0 obj endobj <> You will not continue to receive KPMG subscriptions until you accept the changes. Save what resonates, curate a library of information, and share content with your network of contacts.

endobj 30 0 obj <> As the global economy expands, the U.S. is considering a convergence with IFRS to achieve a uniform international accounting standard. <>

<> 2019-04-25T11:15:33.000Z <> <> Tax Alert - IFRS 16 brings about significant changes to both the Income Statement and the Balance Sheet of the lessee. Consideration should also be given to the new quarterly instalment payment rules which come into effect for accounting periods commencing on or after 1 April 2019 – this requires larger companies to now pay all their estimated corporation tax liability entirely in the year, rather than splitting tax payments 50:50 within the year, then within four months after the end of the accounting period.

endobj 22 0 obj An additional compliance burden will result as lessees under IFRS or FRS 101 will need to separately classify their leases for CIR purposes as either ‘operating’ or ‘finance’ leases.

<> endobj 13 0 obj <> endobj 26 0 obj It will also impact current and deferred tax forecasts.

15 0 obj 83 0 obj These adjustments will need careful review for their deferred tax impact – if this is not correctly accounted for, the total tax charge (including the deferred tax charge / credit) could be mis-stated. 0000036609 00000 n

Tax Alert - IFRS 16 brings about significant changes to both the Income Statement and the Balance Sheet of the lessee. You will not receive KPMG subscription messages until you agree to the new policy. 39 0 obj 84 0 obj

endobj This is mandatory and HMRC would expect groups to perform the calculations correctly, including those filing only abbreviated interest restriction returns. 20 0 obj


Similarly, these rules describe only the UK tax changes. 94 0 obj {{ vm.siteSelectorList.flyout.cell1.heading }}, {{ vm.siteSelectorList.flyout.cell1.global.countryLocale }}, {{ vm.flyout.cell1.viewAll.newTabAllow }}, IFRS 16 - Tax impact of changes to lease accounting. endobj

Deal teams should ensure the tax forecasts take into account the new expense profile under IFRS 16 when modelling tax deductions and cash tax payments as this could significantly reduce the cash tax outflows as compared to the cash tax position under IAS17.

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