This session is delivered via live webinar (zoom platform).

A detailed set of instructions on the Live Webinar will be sent to you closer to date.

Programme Objective

Note: The emphasis of this course is on the Accounting aspect of Deferred Tax.
IAS 12– Income Taxes – sets out the accounting treatment for income taxes. It deals with the accounting for the current and future tax consequences of transactions and introduces the concept of deferred tax to address the mismatch between taxable profits and accounting profits. 

 
Participants will learn the underlying principles of deferred tax and applying their understanding of the principles to account for deferred tax in the financial statements.

Programme Outline

Day 1

• Introduction to current and deferred tax
• General principles of IAS 12
• Accounting for current tax
• Recognition of current tax liabilities and current tax assets
• Treatment of withholding and underlying taxes
• Uncertain tax positions
• Presentation and disclosure of current tax
• Accounting deferred tax using a stepped approach
• Concept of tax base
• Definition of tax base of an asset
• Definition of tax base of a liability
• Obtain the tax base from a tax computation
• Concept of temporary differences
• What are the exceptions to recognizing deferred tax on temporary differences
• Applying the exception rule
• Determine the applicable tax rate according to certain principles
• What are the offsetting rules
• Assess deductible temporary differences, tax losses and tax credits for recoverability

Day 2

• Recognising deferred tax
• Presentation and offsetting of current and deferred tax
• Disclose details of current and deferred tax
• Practical applications
• Case study to reinforce the principles of deferred tax
• Calculating deferred tax for hire---purchase assets
• Impact of deferred tax for investment properties carried at fair value
• Impact of deferred tax in group situations eg deferred tax from a business combination and elimination of unrealized profit

Pre-Requisites

Please take note of the following admission requirements:

• Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
• Mandatory for video camera to be turned on throughout the course
• Display your official name (as per NRIC) in Zoom, to facilitate attendance taking

Training Methodology

Lecture style, with Practical Exercises/Case Studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

This Intermediate to Advanced Level programme is suitable for Practising Accountants, Non-Practising Accountants and Audit Professionals.

Competency Mapping

Category 1 = 14.00 Hours

Programme Facilitator(s)