The introduction of International Financial Reporting Standards is bringing fundamental problems to light within companies. Last week’s news that British Airways would not legally be able to pay dividends this year because of the effect that IFRS had on its distributable reserves is one example.

But lurking below the surface is another area of corporate life which that is being heavily affected. Tax, hitherto the arcane province of the back room experts, is suddenly coming to the fore. Today, for example, is the date for the first corporate tax self- assessments based on IFRS financial statements in the UK.