Longview Tax is the premier solution for IFRS tax reporting. Longview recognizes that there are differences in the IASB and FASB reporting requirements and has specifically architected the IFRS version of Longview Tax to address the unique requirements of IAS 12.
At a high-level ASC740 and IAS 12 may seem largely similar; however, in practice Longview recognizes that there are significant differences between the two approaches. With distinctions in how data is routinely collected, tax calculations are performed and specific needs from a terminology and disclosure perspective, applications that support IFRS reporting must be designed to accommodate these needs.
Longview Tax for IFRS provides complete end-to-end processing for reporting under IAS 12 and IAS 34. The solution has been built with key markets in mind; UK, Canada and Europe. Rather than layering on presentation changes to an ASC designed system, Longview Tax for IFRS was distinctly developed from the ground up.
Features of Longview Tax for IFRS:
- Backwards Tracing for rate change calculations
- Balance Sheet Approach
- Balance Sheet Proof Report
- Deferred Tax not Recognized
- Automated and/or manual recognition of closing balances
- All balances depicted net-of DTNR to facilitate disclosure
- Deferred Tax Netting (at entity, jurisdictional and/or group levels)
- Discrete disclosure of Pensions and Share based Payments
- Terminology, Presentation and Reporting formats all designed for IFRS
- Interim provision process that supports IAS 34
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Disclosure produced using Longview Tax for IFRS (Click to enlarge diagram)