In executing the function of promoting standards of professional competence and practice amongst members of the Institute as entrenched in the Accountant Acts 2008, the Institute has issued the Technical Guidance (TG04/2014) on Accounting Treatment for Deferred Tax for Life Insurance Companies. The guidance is aimed at ensuring consistence application of International Accounting Standards (IAS) 12 on Income Taxes on the financial statements, specifically treatment and application of deferred tax on actuarial surplus.
We advise that this guide be adopted in the preparation of financial statements with year ending on or after 31 December 2014.
To access the guide, please download the document below.
Should you require additional information regarding the above matter, please contact CPA Nixon Omindi via nixon.omindi@icpak.comor CPA John Mwangi via john.mwangi@icpak.com.
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