Course Detail(A189 : Deferred Tax Computation using Excel Spreadsheet)

SDF Funding, SkillsFuture Credit

A189 : Deferred Tax Computation using Excel Spreadsheet

7.00 CPE Hours (Category 1)
Classroom

Introduction
Setting up deferred tax computation lead schedule and supporting working papers for “temporary difference approach” is inherently more complex that “timing different approach”. The former is based on the difference between accounting balance sheet and tax balance sheet while the later is based on accounting profit or loss and tax profit or loss. FRS12/IAS12 requires several steps in determining deferred tax information, first is the construction of a tax balance sheet that involved the determination of ‘tax base’ for each asset and liability recognised in the accounting balance sheet in order to calculate taxable or deductible temporary differences. This is followed by the recognition and measurement of deferred tax assets or deferred tax liabilities, and final hurdle is the presentation and disclosure of deferred tax information in the financial statements. Each of these steps does pose significant challenges to practicing accountants.
 
Programme Objectives
There are two main objectives, first is to provide a systematic approach to the computation of deferred tax information in order to enhance your skills of applying the fundamental principles of FRS12/IAS12. The second is to provide practical guidance on how to use spreadsheet to facilitate the complex task of deferred tax computation based on “balance sheet liability approach”
 
The seminar achieved the above objectives by:
1st       Honing your knowledge in the fundamental principles of FRS12/IAS12

  •  providing step-by-step guide on how the principles of deferred taxation are applied in practice
  • using case study approach to explain the complex technical requirements of the Standard

2nd     Show you how to design deferred tax computation format using spreadsheet

  • Designing a master deferred tax computation lead schedule, supporting schedules and working papers
  • How to incorporate the spreadsheet working papers to facilitate the complex disclosure requirements

Programme Outline

History, Development and objective of Deferred Taxation

  • The difference between deferral method and liability method
  • Timing difference method Versus temporary difference method
  • The concept of future tax consequences

 
Understanding and Determining Tax Base of Assets and Liabilities

  • Non-current assets: assets with capital allowance and those without
  • Current assets: inventories, receivables, prepayments, cash
  • Current liabilities: payables, accruals, deferred income
  • Non-current liabilities: long-term borrowings

 
Recognition of Deferred Tax Assets and Liabilities

  • The four practical steps of recognising deferred tax assets and liabilities
  • Determining deductible temporary difference and taxable temporary difference
  • Accounting for deferred tax liability and asset arising from initial recognition

 
Measurement of Deferred Tax Assets and Deferred Tax Liabilities

  • Determining tax rate enacted and substantively enacted
  • Manner of recovery or settlement of assets and liabilities

 
Presentation and Disclosure

  • Presenting deferred tax in profit and loss and other comprehensive income
  • Presenting deferred tax assets and liabilities in statement of financial position
  • Disclosure of accounting policies, notes to support deferred tax expense/income and deferred tax assets and liabilities
  • Designing working papers to facilitate quantitative disclosure requirements

 
Computation Format Using Spreadsheet

  • A comprehensive case study on how to design and use spreadsheet for computing deferred taxation

 
 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
 
Closing Date for Registration
1 week before programme or until full enrolmen

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course that examines the use of spreadsheet to determine deferred tax assets and liabilities based on balance sheet liability method are welcome to attend.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

18 Feb 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 374.50
For Non-Members: $ 449.40

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

30 Sep 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

28 Feb 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

03 Oct 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 7 Jan 2021
Course Ref No.: CRS-N-0035490

 

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SFC may be accumulated to pay for skills related course fees. You may wish to use your SFC to pay for partial/full ISCA course fees.  (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information. At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 2: After successful enrolment, please proceed to submit SFC claim on Skillsfuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal here: http://www.skillsfuture.sg/credit.

 

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 
 
Funding Period: Until 7 Jan 2021
Funded Hours: 7 hours
Course Ref No.: CRS-N-0035490

 

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     
  • Step 2: After successful enrolment, please proceed to submit the Training Grant application via SkillsConnect Portal here: https://www.skillsconnect.gov.sg/

 

Employers of company-sponsored participants must submit training grant via SkillsConnect system to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. Please note that there will be an administrative fee of $42.80 for any revision of invoice.

 

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

 

Programme Facilitator(s)


Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Introduction
Setting up deferred tax computation lead schedule and supporting working papers for “temporary difference approach” is inherently more complex that “timing different approach”. The former is based on the difference between accounting balance sheet and tax balance sheet while the later is based on accounting profit or loss and tax profit or loss. FRS12/IAS12 requires several steps in determining deferred tax information, first is the construction of a tax balance sheet that involved the determination of ‘tax base’ for each asset and liability recognised in the accounting balance sheet in order to calculate taxable or deductible temporary differences. This is followed by the recognition and measurement of deferred tax assets or deferred tax liabilities, and final hurdle is the presentation and disclosure of deferred tax information in the financial statements. Each of these steps does pose significant challenges to practicing accountants.
 
Programme Objectives
There are two main objectives, first is to provide a systematic approach to the computation of deferred tax information in order to enhance your skills of applying the fundamental principles of FRS12/IAS12. The second is to provide practical guidance on how to use spreadsheet to facilitate the complex task of deferred tax computation based on “balance sheet liability approach”
 
The seminar achieved the above objectives by:
1st       Honing your knowledge in the fundamental principles of FRS12/IAS12

  •  providing step-by-step guide on how the principles of deferred taxation are applied in practice
  • using case study approach to explain the complex technical requirements of the Standard

2nd     Show you how to design deferred tax computation format using spreadsheet

  • Designing a master deferred tax computation lead schedule, supporting schedules and working papers
  • How to incorporate the spreadsheet working papers to facilitate the complex disclosure requirements

Programme Outline

History, Development and objective of Deferred Taxation

  • The difference between deferral method and liability method
  • Timing difference method Versus temporary difference method
  • The concept of future tax consequences

 
Understanding and Determining Tax Base of Assets and Liabilities

  • Non-current assets: assets with capital allowance and those without
  • Current assets: inventories, receivables, prepayments, cash
  • Current liabilities: payables, accruals, deferred income
  • Non-current liabilities: long-term borrowings

 
Recognition of Deferred Tax Assets and Liabilities

  • The four practical steps of recognising deferred tax assets and liabilities
  • Determining deductible temporary difference and taxable temporary difference
  • Accounting for deferred tax liability and asset arising from initial recognition

 
Measurement of Deferred Tax Assets and Deferred Tax Liabilities

  • Determining tax rate enacted and substantively enacted
  • Manner of recovery or settlement of assets and liabilities

 
Presentation and Disclosure

  • Presenting deferred tax in profit and loss and other comprehensive income
  • Presenting deferred tax assets and liabilities in statement of financial position
  • Disclosure of accounting policies, notes to support deferred tax expense/income and deferred tax assets and liabilities
  • Designing working papers to facilitate quantitative disclosure requirements

 
Computation Format Using Spreadsheet

  • A comprehensive case study on how to design and use spreadsheet for computing deferred taxation

 
 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
 
Closing Date for Registration
1 week before programme or until full enrolmen

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course that examines the use of spreadsheet to determine deferred tax assets and liabilities based on balance sheet liability method are welcome to attend.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Upcoming Schedule

Date & Time

18 Feb 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 374.50
For Non-Members: $ 449.40

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709