CFT solution for accounting of deferred tax assets and liabilities

Due to the Regulation of the Bank of Russia dated November 25, 2013 No. 409-P "On accounting of deferred tax assets and liabilities” credit institutions placed in the territory of the Russian Federation must account for deferred tax assets and liabilities upon generating financial statements.
This Regulation No. 409-P implies recording the amounts that may affect increase (decrease) of profit tax payable to RF budget system in the future reporting periods under RF taxes and fees legislation. Amendments in requirements of RF taxes and fees legislation, namely changes in rates applied to profit tax as well as changes in possible taxable income sufficient to recognize deferred tax assets, might affect the increase or decrease in the amount of deferred tax assets and liabilities. This leads to the necessity of calculating the amounts of deferred tax assets and liabilities, searching methods and alternatives of technological solutions connected to the new rules of accounting related to deferred taxes.
What is CFT’s offering?
Currently CFT company provides its clients with a new solution designed for accounting deferred taxes, which includes Application
“Accounting of deferred tax assets and liabilities”.
Deferred tax accounting module has been created for automatic accounting and recording of total sums of temporary differences and deferred taxes under CBR Regulation No. 409-P.
New module of CFT-Bank informational complex provides for:
  • Detailed analytical accounting of deferred tax assets and liabilities;
  • Archiving of all calculated amounts by accounting items;
  • Drafting documents by each accounting item and group of items;
  • Transparency of calculated amounts audit under accounting and tax registration;
  • Manual data input.
This solution enables the bank to:
  • Optimize operational costs for calculation and accounting of deferred taxes;
  • Centralize operating activity of calculating and accounting of deferred taxes in the context of bank’s multiple branches;
  • Raise the quality and efficiency of the work on recording deferred taxes. 
In case you are interested in this Application, please refer to the manager of Financial Products Department,
Dmitry Petrov
Tel. +7 (916) 434-39-41