Election

1. Tax.

A formal choice communicated by a taxpayer to a tax authority, to use a particular (beneficial) tax rule.

2. Financial reporting.

A choice about an accounting treatment, which must be formally evidenced and will not normally be readily reversible.

For example, an election under IFRS 9 to classify certain items as Fair value through other comprehensive income (FVTOCI).

See also

• Claims and elections
• FVTOCI
• Financial reporting
• IFRS 9
• IFRS: issues for the treasurer
• Tax computation