Determination and Election: Difference between pages

Revision as of 12:45, 2 May 2018

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).

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 . ''Tax''.
-A formal statement by a tax authority of an amount of tax payable by a taxpayer, often made on an estimated basis in the absence of a tax return or other information from the taxpayer.
+A formal choice communicated by a taxpayer to a tax authority, to use a particular (beneficial) tax rule.
-.
+. ''Financial reporting''.
-Any other conclusive or systematically calculated amount or decision.
+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]]
-* [[Coefficient of determination]]
+* [[Determination]]
-* [[Interest determination date]]
+* [[FVTOCI]]
+* [[Financial reporting]]
-[[Category:Accounting,_tax_and_regulation]]
+* [[IFRS 9]]
+* [[IFRS: issues for the treasurer]]
+* [[Tax computation]]