Updating And Reviewing The Current Tax Account

You can use the Current Tax Account input app to include additional amounts in the Current Tax Account report that are not populated from other calculations. This includes prior year adjustments and adjustments to current tax balances from acquisitions, disposals, and transfers, and tax cash payments or receipts.

Current Tax Account input app (NA1602)

Use this input app to record manual adjustments to the Current Tax Account rollforward.

This input app contains the following symbols in the Elements dimension (across):

• RFwdCYBOYU_IAS — Opening Current Tax Asset/(Liability) - Unadjusted

  This column represents the opening deferred Tax Asset/(Liability). These values are populated from the rollover.

• RFwdRTPCur_IAS — True-up Current Tax Expense

  This column represents true-up current impact.

• RFwdCYPY_IAS — Tax (Charge)/Credit - Prior Year

  This column represents the tax charge/credit. You must input values for this element manually.

• RFwdCYEY_IAS — Tax (Charge)/Credit – Earlier Years

  This column represents the tax (charge)/credit for years previous to the prior year. You must input values for this element manually.

• RFwdCYPYT_IAS — Tax (Charges)/Credits – Prior Years

  This column represents the total tax charges for prior years.

• RFwdCYBOYA_IAS — Opening Current Tax Asset/(Liability) as Adjusted

  This column represents the opening deferred tax asset/(liability).

• RFwdRefPY_IAS — Tax (Refunds) for Prior Year

  This column represents the tax refunds for prior year. You must input these values manually.

• RFwdPayPY_IAS — Tax Payments for Prior Years

  This column represents the tax payments for prior years. You must input these values manually.

• RFwdRefCY_IAS — Tax (Refunds) for Current Year

  This column represents the tax refunds for current year. You must input these values manually.

• RFwdPayCY_IAS — Tax Payments for Current Year

  This column represents the tax payment for current year. You must input these values manually.

• RFwdCYBalance_IAS — Tax Payments/(Refunds)

  This column represents the total tax payments and refunds and is the sum of RFwdRefPY_IAS, RFwdPayPY_IAS, RFwdRefCY_IAS, and RFwdPayCY_IAS. RFwdCY_IAS — Tax Charge/Credit This column represents the tax charge/ credit. The source for this column is specified in the Configure Tax Account Rollforward Data Transfer process.

• RFwdCYTCT_IAS — Total Tax (Charges)/Credits

  This column represents the current tax charge – Tax credits. This column is calculated.

• RFwdCYAcq_IAS — Acquisitions

  This column represents acquisitions. You must enter these values manually.

• RFwdCYDisp_IAS — Disposals

  This column represents disposals. You must enter these values manually.

• RFwdCYEqOCI_IAS — OCI (Charge)/Credit

  This column represents other comprehensive income (charge)/credit. The source for this column is specified in the Configure Tax Account Rollforward Data Transfer process.

• RFwdCYEQ_IAS — Equity (Charge)/Credit

  This column represents equity (charge)/credit. The source for this column is specified in the Configure Tax Account Rollforward Data Transfer process.

• RFwdRTPEq_IAS — Equity True-up (CT & DT Impact)

  This column represents equity true-up (CT & DT impact).

• RFwdCYCTABOY_IAS — Exchange Difference Opening

  This column represents the opening exchange difference and is calculated.

• RFwdCYCTACY_IAS — Exchange Difference Current Year

  This column represents the current year exchange difference and is calculated.

• RFwdCYCTAT_IAS — Exchange Difference Total

  This column represents the total exchange differences and is the sum of RFwdCYCTABOY_IAS and RFwdCYCTACY_IAS.

• RFwdCYEqT_IAS — Total Equity

  This column represents the total equity and is the sum of equity.

• RFwdCYEOY_IAS — Closing Current Tax Asset/(Liability)

  This column represents the ending balance and is the sum of all previous columns.

• RFwdCYAdjMisc_IAS — Miscellaneous Tax Adjustments

  This column represents miscellaneous adjustments to the journal entry. You must enter these values manually.

• RFwdCYAdjBR_IAS — Book Reclasses/Corrections

  This column represents book reclass/correction adjustments to the journal entry. You must enter these values manually.

• RFwdCYAdjOth_IAS — Other

  This column represents other adjustments to the journal entry. You must enter these values manually.

• RFwdCYAdj_IAS — Journal Only Adjustments Total

  This column represents total journal only adjustments and is the sum of RFwdCYAdjMisc_IAS, RFwdCYAdjBR_IAS, and RFwdCYAdjOth_IAS.

• RFwdCYRCAdj_IAS — Reporting Currency adjustments

  This column represents reporting currency adjustments.

• RFwdCYEOYTB_IAS — Per Trial Balance

  This column represents the balance of the income tax expense/benefit accounts loaded from the chart of accounts.

• RFwdCYDiff_IAS — Difference – Journal Entry Required

  This column represents Difference – Journal Entry Required and is calculated (RFwdDfdBalanceTB_IAS – RFwdDfdEOY_IAS - RFwdDfdRCAdj_IAS).

To update the current tax account:

1. In the Tax Provision navigation pane, click Data Collection.
2. Expand National Annual.
3. Use the drop-down list or the symbol selector to select the appropriate entity. For more information, see Using the Symbol Selector.
4. Click NA1602 - Current Tax Account.lvapp. The input app opens in the workspace.
5. Enter data for the following accounts:

   1. IncTaxExpCurCY — National Current Income Tax Expense/ (Benefit) - Current Year: Amount of current tax calculated in the current tax charge for the current year.

   2. IncTaxExpCurPY — National Current Income Tax Expense/ (Benefit) - Prior Year: Amount of current tax calculated in the current tax charge for the prior year.

   3. IncTaxExpCurOPY — National Current Income Tax Expense/ (Benefit) - Earlier Years: Amount of current tax calculated in the current tax charge for years previous to the prior year.

6. When you are finished, click Submit.