I am accounting for tax for a business using IFRS for SME's. last year it required an audit and with the changes in the companies act this year just independent compilation by an accounting officer.
The auditors last year put in a provision for the deferred tax but not the tax loss, they just disclosed it in the notes. My question is - if the amount is an asset therefore a tax loss - does it have to be actually provided for, or is the note in the accounts sufficient.
If it has to be provided for is it provided for at the full 28% or based on the small business sliding scale?
Thanks for your assistance!