In its comments on FRED 19, ACCA said the existing standard on deferred tax - SSAP 15 - had not given rise to sufficient problems in a UK context to require replacement.
The chief criticism of SSAP 15 is its lack of international comparability, ACCA said, arguing that it would be inappropriate to replace SSAP 15 with FRED 19, when that would still leave the UK substantially short of international harmonisation.
Richard Martin, secretary to ACCA's financial reporting committee, said: 'FRED19's basic approach differs from the international consensus. This means that deferred tax would not be provided on certain important items, revaluation gains for example.
'FRED19 would also require discounting of deferred tax balances to their net present value, which is not done elsewhere. Given this and the complexities and other inconsistencies which discounting would create, ACCA believes this proposed requirement is particularly unsatisfactory.'
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