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25 Jan. 2018

Have your say: AASB Draft Guidance on the Tax Transparency Code – comments due soon

The voluntary Tax Transparency Code (the Code) aims to promote transparency and comparability of key information about entities’ tax situations. At the request of the Board of Tax, the AASB prepared draft guidance to assist entities when performing the Code’s suggested tax reconciliation and the effective tax rate calculation.

The draft guidance was issued in May 2017 to give entities the opportunity to test it before providing feedback to the AASB by 28 February 2018. For a more detailed background, view the AASB media release 'A roadmap for tax transparency: new guidance promotes clarity and consistency for tax disclosures'.

Next steps:

  1. Constituents provide feedback by 28 February 2018 via the AASB website.
  2. AASB staff undertake targeted outreach to gain constituent feedback.
  3. Constituent feedback presented to the Board for further consideration.
  4. Final guidance issued.