The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.
 

Programme Objective

This seminar aims to refresh your skills in applying the fundamental principles of FRS12/IAS12 and to provide practical approach in deferred tax accounting through case studies illustrations.

Programme Outline

• Introduction
  • What is the objective of FRS 12?
  • What are income taxes?
  • What is the approach of FRS 12?
  • Recognition of current tax liabilities and current tax assets
• Temporary differences
  • Why do we need to calculate deferred taxes?
  • What are temporary differences?
  • How do I calculate deferred tax?
  • Must a deferred tax liability always be recognised?
  • What is a tax base?
  • An example of how deferred tax liability is calculated
  • How does deferred tax affect assets carried at fair value?
• Deferred tax in consolidated accounts
  • Fair value adjustments
  • Additional assets and liabilities that are recognized on consolidation
  • Initial recognition exceptions taken by the acquirer
  • Consolidation adjustments
  • Deferred tax asset arising from unrecognized tax losses of the acquiree
  • Deferred tax asset arising from unrecognized tax losses of the acquirer
  • Investments in subsidiaries, associates and joint ventures
• Deferred tax assets
  • What are deferred tax assets?
  • When is a deferred tax asset recognised?
  • What is the criteria in assessing the probability that taxable profit will be available?
• Measurement issues
  • What tax rates should one use to measure current and deferred taxes?
  • What are the tax consequences of dividends?
  • In what situations is tax charged to equity instead of the income statement?
• Presentation and disclosure
• Questions & Answers

 

Training Methodology

Lecture style, with Exercises/Case Studies.

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

A Foundation to Intermediate Level programme intended for Practising and Non-Practising Accountants and Auditors.

Programme Facilitator(s)