Tax accounting - FRS102

Overview

This is a Quick Reference Guide (QRG) to provide you with an overall understanding of the FRS102 tax accounting sheets and how these sheets can help you calculate the tax figures for your accounts.

The tax accounting sheets gather and analyse the information from the tax computation, then calculate your permanent and timing differences for the period and opening and closing balance sheet figures for current and deferred tax. These figures then feed into the Tax account and Accounts disclosures which provide the figures to populate the tax notes in your accounts.

The FRS102 tax accounting sheets are developed by selecting Insert > Insert sheet > Tax account – FRS102
.

You can have both the FRS102 and IFRS tax accounting sheets in your file if required.

Completing the Sheets

The Tax account and the Accounts disclosures sheets form the basis for the tax figures in your accounts. The other supporting tax accounting sheets are populated with information from the tax computation. Further work and analysis can be performed in these tax accounting sheets to ensure the correct figures flow through into the Tax account and Accounts disclosures. It is therefore suggested that you review and complete the other tax accounting sheets first, before returning to review the Tax account and Accounts disclosures sheets.

This Quick Reference Guide aims to provide a walkthrough of the tax accounting sheets in the order in which we would generally expect them to be populated. However this is not prescriptive, and the order you choose may vary depending on your requirements.

Gross timing differences

This sheet links through the opening and closing balances for the timing difference balances present in your tax calculation, such as fixed assets, pensions, provisions, losses etc. Further analysis may be required for the fixed assets timing differences using the Tangible fixed asset analysis and Tangible fixed assets realised through use sheets to calculate your fixed asset timing difference. A similar analysis may be required for intangible fixed assets (IFAs), and there are other supporting sheets for these as well. We have provided more detail on the fixed asset and intangible fixed asset sheets later.

The Gross timing differences sheet is divided into sections. All timing differences in the tax computation should insert a row into the section to which they relate, such as Fixed assets
, Timing differences – trading
, Timing differences – non-trading, Loan relationships or Losses
. If you want to override how the timing difference is categorised in the accounts, you can use the Disclosure note
caption selector on the right-hand side to choose a different category. The FRS102 - Tax rates and options sheet explains how you can change the wording of the disclosure note captions, if required.

There are two other sections for Gains and Revaluations
and Fair value adjustments
, which are hidden by default . You can show these by changing the selector at the bottom of the sheet for Gains, revaluations and fair value adjustments sections
to Yes
. If you have a timing difference in respect of revaluations, that section will already be shown by default.

The Opening per accounts
column will need to be populated in the first year of using the tax accounting sheets, but on roll forward to the subsequent period, this column will be automatically populated.

The Opening per computation
column links directly to the tax computation sheet opening balance or a supporting tax accounting sheet. In some cases, for example for timing differences in respect of capital gains timing differences for structures and buildings (SBAs) and revaluations, you will need to enter the opening per computation value manually. You should always verify that the Opening per computation
column is populated correctly.

Most timing differences are recognised in the income statement by default. If there are timing differences that should be recognised in equity or OCI, you can enter these amounts manually in the columns provided. The columns are hidden by default, but you can display them by changing the selectors at the bottom of the sheet to display Equity rows/columns
or OCI rows/columns
. Where items can be linked through automatically from the tax computation (for example, actuarial gains/losses), these will be posted to the OCI
column automatically.

If you have timing differences that you do not want to recognise, enter the amount that should not be recognised into the relevant Not recognised
column(s).

If you have a transfer of trade in the period, then you can use the display Transfer of trade columns
selector to show the transfer of trade columns and allocate timing differences to these columns manually. If items can be picked up directly from the tax computation in relation to transfer of trade, these will link through automatically to this sheet (or via the Fixed assets realised through use sheet) in the Transfer of trade
column.

Additionally, if any temporary differences should be allocated to goodwill, you can switching the selector for displaying Goodwill
to Yes
, then enter these in the Goodwill
column.

Tangible fixed asset analysis

This sheet links through the figures from the Tangible fixed asset note in the computation. If all the tangible fixed assets qualify for capital allowances, no further work is required on this sheet. If you have assets that do not qualify for capital allowances, they need to be analysed separately to remove them from the Qualifying assets
column. Items not qualifying for capital allowances can be entered in the Non-qualifying assets
column. Most figures in that column will be populated automatically from the tax computation. However some figures, such as non-qualifying depreciation (which cannot be picked up directly from the tax computation), must be entered manually.

If there are other types of assets in the tax computation that may affect the qualifying assets figures, such as Capitalised revenue expenditure, Structures and buildings allowances, Short lease premiums, further columns for these amounts are inserted automatically. Please note there is a supporting tax accounting sheet for short lease premiums that will need to be developed and completed if you have short lease premiums in your tax computation. You will be prompted to develop the sheet if required.

There is a selector on the sheet that lets you decide on the treatment of SBAs in your tax accounting sheets – either as permanent items (non-qualifying assets) or as fixed asset timing differences. If they are treated as non-qualifying assets, a column for Structures and buildings
will be inserted on this sheet, removing them from the Qualifying assets
column. This column may require some data entry amounts. If the structures and buildings are treated as fixed asset timing differences, there will be no column on this sheet and the TWDVs will be pulled through to the Tangible fixed assets realised through use sheet.

There are different sheets available to help calculate capital gains timing differences in relation to structures and buildings allowances and revaluations which are detailed more later.

There are two sections on the Tangible fixed asset analysis sheet. The first section, Analysis for tax accounting
, analyses the split between items qualifying for capital allowances and the items not qualifying for capital allowances for the purposes of calculating the fixed asset timing differences. Once the tax accounting figures are finalised, the figures on this sheet can be frozen (see the "Freezing the tax accounting sheets" section) so they do not keep changing if the analysis of qualifying and non-qualifying assets changes in the final tax computation.

The Analysis for final tax computation
section analyses the split between items qualifying for capital allowances and the items not qualifying for capital allowances at the final tax computation stage. These figures are not frozen when you freeze the tax accounting sheets, so they do change if the analysis between qualifying and non-qualifying assets changes. The Closing NBV per computation
figures therefore become the Opening NBV per computation
for the following period. The difference between these figures and the Opening NBV per accounts
figures help calculate your prior year adjustment figures. Any manual entries that were made at the tax accounting stage (such as non-qualifying depreciation) need to be reviewed again and updated as appropriate in the Analysis for final tax computation
section to ensure these entries are still appropriate.

note

If figures in your computation have changed since the tax accounting stage (for example, additions/disposals not qualifying for capital allowances), a selector will appear at the bottom of the sheet suggesting that you review the manual entries in the Analysis for final tax computation
section again. Any changes to the allocation of depreciation between qualifying and non-qualifying assets feed directly to the Prior year adjustment sheet.

This sheet also lets you adjust for assets capitalised in this period but qualifying in a different period. The column is hidden by default but can be revealed using the selector at the bottom of the sheet.

Tangible fixed assets realised through use

This sheet compares the qualifying net book value for your tangible fixed assets realised through use and compares it to the tax written down values (TWDV) to calculate the fixed asset timing differences. The TWDV
section of this sheet is automatically populated with figures from your tax computation.

The Qualifying NBV
section is populated with the qualifying asset figures from the Tangible fixed asset analysis sheet.

The Opening per accounts
column will need to be populated in the first year of using the tax accounting sheets. However on roll forward this column will be populated automatically. No other data entries should be required on this sheet.

The resulting fixed asset timing difference is posted to the Fixed assets
section on the Gross timing differences sheet.

Net timing differences

This sheet takes the balances from the Gross timing differences sheet and uses the relevant tax rates to calculate the deferred tax balances that feed into the Accounts disclosures and Tax account sheet. The default tax rates used to calculate the timing differences for the sheet can be overridden by changing the relevant tax rate on the FRS102 – Tax rates and options sheet. Alternatively, a rate can be changed on a line by line basis, if required, by changing the relevant rate on the right-hand side of the sheet.

Comparison of CT and DT movements through I/S

This sheet compares the current tax movement through the income statement as per the Adjustment of profit sheet, and compares it to the deferred tax movement through the Gross timing differences sheet. Any differences between the current and deferred tax movements are taken to the Proof of Tax sheet, where further analysis takes place.

Each of the Adjustment of profit
items (current tax) are automatically allocated to a column on this sheet (for example, Expenses not deductible
, Timing differences – trading
etc.). The allocations of these amounts are fixed at this stage to ensure a meaningful comparison between the current tax movement with the associated deferred tax movement. As such, there is therefore no option to reallocate amounts between columns on this sheet. Generally, there should be limited data entry or user input on this sheet. Further work in relation to how the reconciling items should be disclosed in the accounts can be done on the Proof of tax sheet.

Current period pension contributions to Other comprehensive income flow from the Defined benefit pensions
sheet to the Comparison of CT and DT movements
sheet and are adjusted for to ensure they aren't included in the reconciling items for the Proof of tax. An error will show on the Proof of Tax
sheet until you allocate the tax effected amount of the OCI pension contributions to the OCI column
on the Tax account in the current tax section.

Proof of tax

Any differences between the current and deferred tax movements are reconciling items and the total reconciling items from each column on the Comparison of CT and DT movements through I/S sheet link through to the Proof of Tax sheet. The Proof of Tax sheet aims to provide as much granularity as possible in relation to each reconciling item.

There will be other proof of tax items that do not affect the adjustment of profit and therefore are not captured on the Comparison of CT and DT movements through I/S sheet, such as tax rate changes, group relief, prior year adjustments etc. These are also included on the Proof of tax sheet.

The column headings and allocations on the Proof of tax sheet determine the disclosure in the total tax reconciliation on the Accounts disclosures sheet. There are standard column headings that you can use for the disclosure captions. You can reallocate items between the columns to get the disclosures you require. See the "FRS102 - Tax rates and options sheet" section for information on changing the column headings, if required.

Tax account

This sheet details the movement between opening and closing balances for corporation tax debtors and creditors and deferred tax assets and liabilities.

The current tax part of this sheet is split into four sections:

Corporation tax payable

Tax credits and charges

Foreign tax payable

Payments for intercompany balances

The latter three sections are hidden by default unless they have figures in them. You can display these sections using the selectors at the bottom of the sheet. For these sections you will need to enter the Opening per accounts
and Opening per computation
in the first year of using the tax accounting sheets. On roll forward the Opening per accounts
figures will be populated, but you may need to enter the Opening per computation
figures.

Current tax – corporation tax payable: In the first period of using the tax accounting sheets you will need to enter your Opening per accounts
and Opening per computation
figures. On roll forward these will be populated automatically for you.; There are columns to allocate current tax amounts to equity or OCI, as appropriate. These columns are hidden by default, but you can see these by changing the selectors at the bottom of the sheets, Show equity column
or Show OCI column
.; If you use the Tax payments and interest sheet in the tax computation, the amounts entered on that sheet will automatically flow through to the Tax creditor sheet and then into the Tax account. Otherwise, amounts will need to be entered manually on the Tax creditor sheet. See "Tax creditor calculation" below for more information.
Current tax – tax credits: The Tax account links through figures for tax credits, levies and surcharges included in your tax computation. Any reconciling items in relation to these are automatically posted to the Proof of tax. There are data entry rows where you can enter amounts for any other credits or levies as required
Current tax – foreign tax payable: Foreign tax suffered and Foreign tax relieved will be linked through from the tax computation to the bottom of the Tax account sheet. The total of these sections (manual adjustments can be made if necessary) then link through into the Foreign tax payable
section in the Tax account and the Proof of tax sheets as appropriate.
note
If you have any unrelieved foreign tax suffered brought forward from previous periods, you will need to use the Less unrelieved foreign tax b/f (-)
row to remove this from the current year income tax charge.
Payments for intercompany balances: Amounts charged or credited to the income statement in relation to payments made or received for group relief/other intercompany balances can either be entered directly in the Charged (+) / credited (-) to income statement
column, or you can develop the Group relief and other payments account sheet for more functionality in respect of group relief. More information on this sheet is included below.; note
These are the amounts charged or credited to income statement in respect of the group relief payments and should follow the signage of the column heading. The amounts actually paid or received should be entered in the Tax payments (-) / receipts (+) column
and should follow that signage (which corresponds to the sign convention on the row).
Deferred tax: Deferred tax opening, closing and movement in the period figures link through from the Net timing differences sheet. Amounts allocated to equity or OCI on the Gross timing differences sheet should also pull through directly from the Net timing differences sheet. The categories for deferred tax correspond to the disclosure captions on the FRS102 - Tax rates and options sheet.; note
The prior year adjustments on this sheet for both current and deferred tax will be fully analysed on the Prior year adjustment sheet in the prior period tax accounting sheets, so you can ensure you are clear on what these prior year adjustments relate to.

Tax creditor calculation

This sheet helps calculate your current period tax creditor position. If you have populated the Tax payments and interest sheet in the tax computation, any tax payments or receipts will flow automatically onto this sheet, otherwise you can enter them manually. Payments made after the period of account end will be carried forward to the following period.

The sheet also keeps track of the closing current tax position per the tax computation. On roll forward it calculates and populates the correct opening per computation figure for that period and any resulting prior period adjustments.

Account disclosures

This sheet extracts information from the other tax accounting sheets and populates the tax accounting disclosures for you. Limited data entry should be required on this sheet, except for where some judgement is required (for example, disclosing deferred tax balances payable or recoverable within 12 months or after 12 months, netting off deferred tax assets/liabilities).

The tax on profit on ordinary activities is divided into current and deferred tax as per the tax note in the accounts. Amounts charged or credited to equity and OCI are disclosed separately to the income statement amounts.

The total tax charge reconciliation is populated based on the disclosure column headings used on the Proof of tax sheet. If you would like to review the effective tax rate reconciliation, you can change the selector Display effective tax rate reconciliation
to Yes
at the bottom of the sheet.

The disclosures show the Deferred tax (asset)/liability movement from opening to closing, as well as a breakdown of the closing balances between the different categories of deferred tax, such as fixed assets, timing differences – trading etc. By default it is assumed that all balances are payable or recoverable within 12 months, but you can reallocate those amounts to after 12 months if required. You can also manually provide details of where deferred tax assets and liabilities have been offset.

The disclosures also provide details of amounts not recognised, based on the amounts not recognised on the Gross timing differences sheet.

Freezing the tax accounting sheets

Once you have reviewed the Accounts disclosures sheet and you are happy that the tax accounting figures are final, you can change the Freeze the tax accounting sheets?
selector to Yes
on the FRS102 - Tax rates and options sheet. This means the tax accounting figures will not change, even if the tax computation figures change as you continue to work on the file for your tax return figures.

If you freeze the tax accounting sheets, then realise you need to go back and change something, you can change the Freeze the tax accounting sheets?
selector to No
again to unfreeze the sheets.

note

If, between freezing the tax accounting sheets and unfreezing them, you had made multiple changes to the tax computation, these changes may not be reflected in the tax accounting sheets when you unfreeze them. You may need to make some manual adjustments.

Prior year adjustment calculation

Once you have frozen your tax accounting sheets and you continue working on the tax computation, the Prior year adjustment calculation sheet calculates any differences between the Tax accounting figures
and the Final computation figures
, and allocate that difference to a disclosure column. This amount can be reallocated to a different column if required. This sheet then tax effects these differences and provides a breakdown of the current and deferred tax prior year adjustment figures, which should match the prior year adjustment figures calculated on roll forward in the subsequent period file (and provide a detailed breakdown of them).

Any change to depreciation or amortisation between qualifying and non-qualifying should pull through automatically to this sheet from the Fixed asset analysis or Intangible fixed asset analysis sheets.

FRS102 - Tax rates and options sheet

This sheet provides details of the tax rates used in the tax accounting calculations, which can be overridden if required.

You can also override the standard disclosure captions for the reconciling items on the Proof of Tax sheet, or the deferred tax categories on the Accounts disclosures sheet. To see the standard disclosure narrative options, switch the selector Show disclosure narrative options
to Yes
.

If you want to change these standard narrative options, complete the following steps:

Insert a line item for the new narrative you require. To do this go to Configuration > Line items
, then under Sheet choose FRS102 – tax rates and options.

Under Category
you can choose either Categories for reconciling items
or Categories for deferred tax
.

In the Description
column type the new narrative.

In the Row display
column type how you want that to display on a row. This will generally be the same as the description column.

In the Column display
column, select how you want it to display as a column heading. This is more relevant if the narrative is quite long, as you may need to wrap the text. You can do this by adding tildes. For example, Non deductible~permanent~items
would to split this heading onto three rows.

If you use the group consolidation tool, the group tax accounting sheets will highlight if there are any inconsistencies between disclosure narrative captions used in the underlying entity computations.

Developable Sheets

Group relief and other payments account and Group relief creditor calculation

These sheets are optional and can be developed with the Group relief creditor calculation sheet via Insert > Insert sheet > FRS102 Group relief and other payments account
. The two sheets are developed in together.

The Group relief creditor calculation sheet automatically calculates the group relief charge or credit based on the losses claimed or surrendered in the tax computation and the current year tax rate. You can override the rate if the company pays or receives at a different tax rate. Adjustments can also be made to the overall group relief charge/credit , if required. The group relief income statement charge or credit will be posted to the income statement column on the Group relief and other payments account sheet on the current period row. Group relief payments and receipts entered on the Group relief creditor calculation sheet are posted to the Payments (-)/receipts (+)
column on the Group relief and other payments account.

The figures in the Per accounts
column on the Group relief creditor calculation sheet will be frozen when the tax accounting sheets are frozen. The Per computation
column will continue to be updated if any of the figures group relief figures change between the tax accounting and tax computation stage. This sheet calculates the closing group relief creditor/debtor for both the accounts and computation purposes, which means on roll forward any differences (prior year adjustments) are calculated automatically for you.

If you are using the group module to allocate payments/receipts for group relief, you should not enter any amounts into the entity file on the Group relief payments (-)/receipts (+)
row as these figures will push down from group. If you have already entered amounts on this row and you then use the group module, you will have an error in the group module saying the figures in the group module and the entity file do not match. Right-click on the cell in the entity file and select Tools> Reset to template cell
. This will reset the formula and allow the group to push down the value from the group module.

The Group relief and other payments account sheet can be used to analyse group relief payments/receipts and other intercompany balances between different periods of account.

Journal Entries

This sheet can be developed via Insert > Insert sheet > FRS102 – Journal entries
.

The sheet uses the figures from the Tax account and Accounts disclosures to provide journal entries for the Current Tax – current and prior periods and also Deferred Tax – current and prior periods.

Intangible fixed asset analysis

This sheet and the Intangible fixed asset timing differences sheet are only required if there are intangible fixed assets in the computation. A warning will appear if the IFA accounts note has been developed into the tax computation and you have not developed the Intangible fixed assets analysis sheet. This sheet can be developed using Insert > Insert sheet > FRS102 IFA analysis
.

You should review this sheet first. All information entered in the IFA accounts note in the accounts will be linked through to the Total
column on this sheet. If you have relevant or excluded assets, columns will be inserted automatically onto this sheet to remove these amounts from the Qualifying assets
column. You can also use the data entry columns for any other adjustments if required.

The amounts in the Qualifying assets
column then link through to the Intangible fixed asset timing differences sheet.

As with the fixed assets equivalent sheet, there are two sections on this sheet. The first section, Analysis for tax accounting
, analyses the split between items qualifying for intangible fixed asset allowances and the items not qualifying for allowances. Once the tax accounting figures are finalised, these figures can be frozen so they do not keep changing if the analysis of qualifying and non-qualifying intangible assets changes between the tax accounting stage and the final tax computation stage. See the "Freezing the tax accounting sheets" section.

The Analysis for final tax computation
also analyses the split between items qualifying for intangible fixed asset allowances and the items not qualifying for capital allowances. This section reflects the position at the final tax computation stage. The Closing NBV per computation
figures therefore become the Opening NBV per computation
for the following period and the difference between these figures. The Opening NBV per accounts
figures help calculate your prior year adjustment figures. Any changes to amortisation between qualifying and non-qualifying assets will be posted directly to the Prior year adjustment sheet.

Intangible fixed asset timing differences

This sheet calculates the intangible fixed asset timing differences by comparing the qualifying NBV with the TWDVs linked through from the tax computation, For example, TWDVs for intangible fixed assets that are allowable per accounts, qualify for 4.5% writing down allowances or 6% writing down allowances and others. The resulting intangible fixed asset timing difference is then posted to Fixed assets
section on the Gross timing differences sheet.

RDEC timing differences

You will be prompted to develop this sheet if you have the RDEC computation sheets in your tax computation. This sheet can be developed using Insert > Insert sheet > FRS102 RDEC timing differences
.

This sheet tracks the timing differences arising on your RDEC step 2 and step 3 amounts, which are linked directly through from your tax computation. You can choose whether you want to recognise or not recognise the timing differences on this sheet. Any resulting timing differences link through to the bottom of the Net timing differences sheet and then flow to the Tax account.

There is a Prior period RDEC adjustment
column on the Tax account for prior year adjustments in respect of RDEC timing differences. Any deferred tax prior year adjustments will be automatically populated in this column. If you want these to be recognised in the income statement, you can reallocate these amounts manually to the Prior period charge (+)/credit (-)
column.

Short lease premiums

You will be prompted to develop this sheet if you have short lease premiums in your tax computation. This sheet can be developed using Insert > Insert sheet > FRS102 Short lease premiums
.

A column for each short lease premium is inserted on this sheet and the amounts for Original premium
and Amounts chargeable on lessor
are linked through from the Short lease premium computation sheet.

You need to populate the accounts values for each short lease premium such as NBV b/f, additions, disposals, depreciation etc. The sheet uses these NBV figures and the short lease premium amounts pulled through from the tax computation to calculate the Ineligible amounts in respect of short lease premiums. The ineligible amounts are automatically linked through to the Fixed asset analysis sheet and adjust the qualifying NBV for the purposes of calculating the tangible fixed asset timing differences. The relevant qualifying amounts from the Short lease premium computation sheet link through directly to the Tangible fixed assets realised through use sheet to calculate the overall fixed asset timing differences balance.

SBA capital gains timing differences

This sheet can be developed using Insert > Insert sheet > FRS102 SBA capital gains timing differences
.

This sheet is designed to calculate potential timing differences arising on any potential capital gains or losses in respect of Structures and buildings. All structures and buildings entered on the Structures and buildings allowances computation sheet will flow automatically to this sheet. It will also pick up the Cumulative SBAs claimed and Base cost for each asset. If you want to calculate the potential timing difference for an asset, you should select the Calculate capital gain/loss
selector.

Once the net book value and any other relevant amounts are entered manually, the sheet will perform a basic capital gain calculation to calculate the timing difference arising on each asset. You will need to enter the amount you would like to be included in the Amount to include on Gross timing differences sheet
column.

However, any calculations in respect of deferred tax not recognised amounts should be done on the Gross timing differences sheet. You should enter the full amount of the potential timing difference on the SBA capital gains timing differences sheet, then enter the relevant not recognised amounts on the Gross timing differences sheet, as with other timing differences. This ensures the deferred tax not recognised figures are included correctly on the Accounts disclosures sheet.

Revaluations

This sheet and the Revaluations – depreciation transfer sheet can be developed using Insert > Insert sheet > FRS102 Revaluations
.

This sheet is designed to calculate potential timing differences arising on revaluations.

You should enter the NBV amounts (Opening NBV, additions, revaluations, depreciation etc.) in the Proceeds (NBV)
section and add in the original cost and other relevant amounts into the Cost
section.

The sheet will perform a basic capital gains calculation to calculate the potential gain/loss arising. Any indexation amounts must be added manually. To calculate a timing difference in respect of the potential gain/loss, select the Calculate gain/loss for gross timing differences sheet?
selector. If you are just using this sheet to track assets (which might in the future have revaluations), you can leave this selector as No
.

The timing differences in relation to the potential gain or loss will be allocated to either income statement or OCI as determined by you. There is a selector at the bottom of the page called Which option?
that lets you choose how you want the timing differences to be allocated between income statement and OCI. The default position is Option 1. However you can change this.

The options are as follows:

• Option 1: Provide for timing difference on depreciation in I/S, after a revaluation, reverse timing differences in I/S and provide for timing differences in OCI.

• Option 2: Provide for timing difference on cumulative depreciation in I/S, and the balance in OCI.

• Option 3: Manual (user) allocation between I/S and OCI.

note

Option 1 and option 2 are the opposite way around in the legacy ONESOURCE software.

Revaluations – depreciation transfers

This sheet tracks the depreciation and revaluation amounts in respect of assets and helps calculate the timing difference calculations between income statement and OCI on the Revaluations sheet. It also deals with depreciation transfers between the income statement and the OCI.

If you have a revaluation in the period, there may be depreciation transfer in the accounts in respect of the depreciation attributable to the revaluation, from the income statement to the OCI. This needs to be reflected in the tax accounting sheets in the subsequent period.

To do this, you should enter the depreciation amount that will be transferred in the Depreciation for transfer relating to current period
cell. This doesn’t affect the current period calculations, but this figure will roll forward and be used to amend the opening balances for the income statement and OCI timing differences in the subsequent period.

In the subsequent period file you will also need to ensure that the Gross timing differences sheet is updated to reflect the change to the opening balances in respect of the depreciation transfer. If you chose Option 1
in the prior period, you will need to update the Opening per computation
figures on the Gross timing differences sheet to match the Opening per accounts
amounts. If you chose Option 2, you will need to amend the Opening per accounts
amounts to match the Opening per computation
amounts.

Printing

To print your tax accounting calculations, use the Print
button and then choose Print calculation
. Under Sheets
you can either choose the Tax account
option, or you can choose Selected
option under Sheets
, then manually select the sheets you want to print. For printing in final we suggest you use the In use only
option under Print Layout
.

This article applies to:

PRODUCT: ONESOURCE Corporate Tax

Solutions by Industry

Tax accounting - FRS102

Overview

Completing the Sheets

Developable Sheets

Printing

This article applies to: