The majority of companies in the UK do not think that their accounting systems gather enough information to meet the calculations and disclosures required by new regulations, according to a survey by Deloitte.

Approximately 20 per cent of company's tax professionals think that their techniques meet the generally accepted accounting principles, the research from the Big 4 firm found.

And a full 43 per cent of companies believe that minor errors in their accounting could lead to flaws in their tax reporting.

Alan MacPherson, tax partner at Deloitte, said: "UK plc is getting to grips with an unprecedented raft of regulatory changes, such as the adoption of IFRS.

"While many of the changes are intended to increase transparency, companies currently lack the necessary knowledge and systems to achieve clearer, more accurate disclosure."

Usually the tax departments have focussed on planning to cut costs, but with the new regulations, tax departments should dedicate "at least one-third" of their resources to compliance, Mr MacPherson added.

Meanwhile, it has been announced that the Vietnam Auditing Company has allied with Deloitte Touche Tohmatsu to create Deloitte Vietnam.


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