Guest lecture by Jörg Semmer (StB / WP / Partner) and Dr Franziska von Kotzebue (StBin / WP / Director) from EY Munich.

Deferred taxes are a core topic in the annual financial statements of any large capital market-oriented group. In his introduction, Jörg Semmer gave an overview of tax accounting in general and its relevance within the annual financial statements. Building on this, he explained how deferred taxes arise and are used as a means of presenting temporary tax-relevant differences between the tax and commercial balance sheets in the annual financial statements. Dr Franziska von Kotzebue illustrated the conditions under which deferred tax assets are recoverable and the amount to which they may be recognised and discussed the distinction between deferred taxes and uncertain tax positions. The presentation ended with the tax reconciliation statement as a disclosure in the notes, the relevance of which was illustrated using examples.