Tax Effect of Accounting Reform: Special Reference to Consolidated Annual Accounts
Enrique Corona Romero
The Spanish accounting model will be dual as a result of the application to certain consolidated annual accounts of international accounting standards adopted by the European Union. However, the procedure for determining tax liability set forth in the IAS 12 is very similar to that regulated by Spanish standards, although these must be complemented by a series of specific provisions and additional rules on assessment and representation matters. The consolidation process and the consolidated amounts may be amended (for certain consolidated accounts) as a result of the application of the aforementioned dual model The amendment of accounting regulations applicable to individual annual accounts, using the fair market value and a new evaluation of assets and liabilities may result in tax implications are introduced that "offset" the effects resulting from the current model for determining the taxable base. New developments in the regulations applicable to consolidated accounts would in principle have limited tax implications.
Procedure for determining tax liability, international accounting standards, consolidated annual accounts, Corporate Tax, timing differences, temporary differences taxable base.
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