Updating The Fixed Assets Schedule

The fixed asset process allows you to provide supporting information to generate the fixed asset temporary differences. The input app and report take the form of three columns: tax base, accounting carry value, and temporary difference. Opening tax and accounting values are populated from the previous period, and you enter movements in the period (acquisitions, disposals, depreciation) to reach the closing balance. You can then view the fixed asset temporary differences in the temporary difference report.

Fixed Assets input app (NA1925)

Use this input app to input supporting information to generate the fixed asset temporary differences.

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

• St400001T — Fixed Asset Tax Base Fixed asset tax base amount.
• St400001C — Fixed Asset Carrying Value Fixed asset carrying value.
• St400001 — Fixed Asset Temporary Difference Sum of base and carrying value.

To modify fixed assets:

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 NA1925 - Fixed Assets.lvapp. The input app opens in the workspace.
5. Expand the GrsPYT_IAS — Prior Year Adjustments category and enter data for the following elements:

   1. GrsPYAdj_IAS — Prior Year Adjustments: Prior year adjustments relating to fixed assets when the detailed prior year adjustment true-up method is not adopted.

   2. GrsRTPCurDfd_IAS — True Up: The current year true-up from the prior year adjustment process.

6. Expand the GrsAcq_IAS — Acquisitions symbol and enter data for the following elements:

   1. GrsAcqPR_IAS — Acquisitions Prior: Fixed assets acquired during the prior year. This adjustment impacts only the deferred tax balance and not the deferred charge.

   2. GrsAcqCur_IAS — Acquisitions Gross: Fixed assets acquired during the current year. This adjustment impacts only the deferred tax balance and not the deferred charge.

7. Enter data for the GrsDisp_IAS — Disposals symbol, which represents fixed assets that are disposed of during the year. This adjustment impacts only the deferred tax balance and does not impact the deferred charge.
8. Expand the GrsCYT_IAS — Total Current Year Movement category, and enter data for the following elements:

   1. GrsCY_IAS — Depreciation: Fixed asset depreciation amount.

   2. GrsCYOthCurDfd_IAS — Other Adjustments (CT & DT Impact): Use this row to make adjustments to the fixed assets other than the depreciation or true-up adjustments. These adjustments impact both the current and deferred charges. Amounts entered into this row do not flow to the Effective Tax Rate report.

   3. GrsCYOthDfd_IAS — Other Adjustments (DT Impact): Use this row to make adjustments to the fixed assets other than the depreciation or true-up adjustments. The tax impact of this adjustment is treated as a deferred-only adjustment and flows to the Effective Tax Rate report.

   4. GrsCYTrfr_IAS — Transfers: This symbol represents transfers of fixed assets, which can be used to transfer temporary differences between entities, reclass fixed assets to other temporary differences, or for other reasons. The tax impact of this adjustment is treated as a deferred-only adjustment and flows into the Effective Tax Rate report.

9. Enter data for the following elements:

   1. GrsEq_IAS — Equity: Fixed asset equity amount.

   2. GrsRTPEqCurDfd_IAS — Trueup (CT & DT Impact of Equity Items): Enter any equity related fixed asset prior year true-up adjustments in this row. The adjustment impacts both current and deferred charges.

   3. GrsEQOth_IAS — Other Equity: Use this row to account for other equity fixed asset movements. The tax impact of this adjustment is treated as a deferred only adjustment.

10. When you are finished, click Submit.