International Variations in Tax Disclosures

Erlend Kvaal · Christopher William Nobes

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Corporate Taxation and Avoidance

Abstract

We examine the tax disclosures of 161 large IFRS-reporting companies in five countries by studying in detail how they carry out two numerical reconciliations mandated by IAS 12. Using a variety of approaches, we conclude that there are systematic differences in IFRS reporting practice between companies from different countries. However, we also find varied reporting practices within certain industries such as the extractive industry. Based on our observations, we question whether the requirements of the present standard are sufficiently explicit and concise to lead to understandable and comparable tax disclosures. We identify a number of elements of IAS 12 that could be improved.

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References

1985Positive Accounting Theory 1986Asset pricing and the bid-ask spread 1997Disclosure level and the cost of equity capital.2004Information and the Cost of Capital 2000The Economic Consequences of Increased Disclosure 2003Limited attention, information disclosure, and financial reporting 1999The Economic Consequences of Increased Disclosure 1999Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure*

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