Tax reconciliation
Statement Purpose
The purpose of this statement is to calculate the taxable income or loss for the consolidated group of entities by making tax adjustments to the net accounting income or loss for the period.
Data Flow
The statement is populated predominantly via links from backup statements.
- Net accounting income or loss for the period is linked from the Income statement.
- Adjustments to net accounting income or loss for the period are linked from backup statements.
Explanation of Fields
As an internal check, the statement includes a variance check to ensure that the taxable income or loss on this statement agrees to the taxable income or loss on the
Statement of taxable
. There should be no variance in this cell.Signage
The signage settings are as follows:
- Increases to taxable income are positive amounts.
- Decreases to taxable income are negative amounts.