IFRS Accounting for Income Taxes - IAS 12 (Virtual Classroom)
Short course
Online
Description
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Type
Short course
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Level
Intermediate
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Methodology
Online
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Class hours
8h
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Duration
2 Days
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Virtual classes
Yes
Income taxes often represent significant numbers in financial statements, which impact on an entity’s reported financial position and performance. The objective of accounting for income taxes is to reflect the current and future tax effects of transactions and events reported in the financial statements. The amount of taxes currently payable or recoverable depends on tax law in an entity’s jurisdiction; having established the relevant amount, accounting for current tax is relatively simple. Greater complexity arises in recognising and measuring the longer-term deferred tax effects of transactions which represent temporary differences.
The training also addresses how accounting for taxes is affected by coronavirus in areas such as meeting the criteria for recognition of deferred tax assets.
IAS 12 Income Taxes is the principal source of guidance on accounting for income taxes in IFRS. It is supplemented by SIC-25 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders and IFRIC 23 Uncertainty over Income Tax Treatments.
The course will update delegates on the status of the IASB’s maintenance and consistent application project to make limited amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
The course answers questions such as:
What are the principles underlying accounting for income taxes and how are they applied?
What are the issues and exceptions involved in accounting for income taxes?
How are deferred tax liabilities and assets recognised, measured and presented in IFRS financial statements?
What disclosures are required?
How should uncertain tax positions be reflected?
How should specific transactions, such as share-based payments, be accounted for?
About this course
- Apply the principles of IAS 12
- Recognise and measure deferred tax assets and liabilities
- Understand the practicalities involved in accounting for income taxes
- Learn the methods that may be applied in accounting for complex tax situations
- Identify and account for uncertain tax positions under IFRIC 23
- Comply with presentation and disclosure requirements
- Accountants in finance and reporting teams that prepare IFRS financial statements-
- Corporate tax professionals
- External and internal auditors
- Financial and credit analysts who review financial statements
A reasonable prior knowledge of the technical requirements of IFRSs. No advance preparation is required for this course.
All attendees must have a stable internet connection and web cam. Attendees will be live on camera with the instructors and other participants for the duration of each session.
Reviews
Subjects
- Transactions
- Income Tax
- Financial
- Financial Training
- Tax
- IAS
- IFRS
- Accounting and Finance
- Management
- Financial Accounting
Teachers and trainers (1)
Bill Kemp
Senior Instructor
Bill Kemp is a senior instructor and consultant specialising in International Financial Reporting Standards (IFRS) and the comparison of IFRS with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). In the recent past, he has delivered public and in-house training courses around the world to a diverse audience from industries including financial services, retail, real estate, oil & gas, telecoms, and IT. He is a UK chartered accountant, and was educated at the Edinburgh Academy and at Oxford University.
Course programme
General principles
Scope and objectives
Definitions – deferred tax, temporary differences, tax base
Current tax
Current tax assets and liabilities; recognition and measurement
Recognition in profit or loss, other comprehensive income or equity
Deferred tax
General principles
Tax bases of assets, liabilities and deferred revenue
Treatment of taxable and deductible temporary differences
Exceptions to the recognition rules
Recognition of deferred tax liabilities
Recognition of deferred tax assets
Sources of deductible temporary differences
Unused tax losses and tax credits and availability of future profits
Assessment of recoverability
Measurement
Enacted and substantively enacted tax rates
Reflecting different methods of recovery
Presentation and disclosure in the financial statements
Special applications
Tax credits
Leases
Provisions and employee benefits
Share-based payments
Revaluations
Investment properties
Intangible assets
Financial instruments
Investments in subsidiaries, associated and joint ventures
Treatment in consolidated financial statements
Business combinations
Purchased goodwill
Unrecognised tax losses
Intra-group transactions
Uncertainty over income tax treatments (IFRIC 23)
Issues arising on first-time adoption of IFRSs
Treatment in interim financial reports
Overview of differences between IFRS and US GAAP (ASC Topic 740)
IFRS Accounting for Income Taxes - IAS 12 (Virtual Classroom)