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SkillsFuture Credit, UTAP Funding

14.00 CPE Hours (Category 1, Category 2, Category 3, Category 4, Others)
Live Webinar

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.

Schedule & Fees

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 31 Dec 2024
Course Reference Number: TGS-2020501914

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. You may wish to use your SFC to pay for partial/full ISCA course fees. 

On 1 Oct 2020, the Government provided a one-off SkillsFuture Credit Top-up of $500 for all eligible Singaporeans aged 25 or above by 31 Dec 2020. Singaporeans aged 40 to 60 by 31 Dec 2020 will also receive an Additional SkillsFuture Credit (Mid-Career Support) of $500 which can be used for courses under: (i) SGUnited Skills Programme, (ii) SGUnited Mid-Career Pathways Programme – Company Training, and (iii) Career Transition Programmes. This additional SFC (Mid-Career Support) is NOT applicable for use on ISCA courses. (For more information on the SFC scheme, please visit http://www.myskillsfuture.gov.sg)

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

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 $43.20 for any revision of invoice.

 

2] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.
 
To find out more on the UTAP funding and support validity period, please click here.
 
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

Programme Facilitator(s)

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.

Programme Facilitator(s)


No course instances or course instance sessions available.