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Can taxable income be estimated from financial reports of listed companies in Australia?

Can taxable income be estimated

Alfred Tran

Taxable income may provide some indication as to the credibility of pre-tax accounting profit reported in corporate financial statements, because the two income measures are based on the same set of economic transactions and events.

This article examines whether it is possible to estimate a firm’s actual tax liability and taxable income from income tax disclosures under the current Australian Accounting Standard AASB 112 Income taxes, which applies to financial statements for reporting periods commencing on or after 1 January 2005.

Specifically, this article examines empirically the problems associated with estimating taxable income from current tax expense — a mandatory disclosure item under AASB 112. Recommendations are also made to improve the income tax disclosure requirements to facilitate estimation of a firm’s taxable income.

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Updated:   18 February 2017 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team