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[Blaka]

Companies note current and deferred tax in their financial statements. Current tax is whats owed or refundable for the current period based on taxable profits or losses. Its calculated using applicable tax rates by the reporting date.

Deferred tax comes from temporary differences between assets and liabilities for financial reporting and their tax bases. These differences lead to future tax consequences, and deferred tax is recognized for these effects.

Changes in tax rates are in the financial statements when enacted. Companies also share info about uncertain tax positions being transparent about potential taxrelated risks.

 

[Wisdom01]

i believe companies in the UK are required to account for income taxes in their financial statements by following the International Financial Reporting Standards (IFRS). IFRS requires companies to recognize the current and deferred tax liabilities and assets

 

[Dean1]

The tax rates and laws that have been passed or substantially passed by the date of the balance sheet are used to calculate current and deferred tax. When laws or tax rates are announced but not yet passed, they are applied if it is almost a given that they will take effect once they are.