Course Detail(A035 : Accounting meets Tax: FRS 12 Deferred Tax & Uncertain tax positions)

SDF Funding, SkillsFuture Credit

A035 : Accounting meets Tax: FRS 12 Deferred Tax & Uncertain tax positions

7.00 CPE Hours (Category 1)
Classroom

Program Objective
This full redeveloped program will help the participants understand the new concept of accounting and tax for individual transaction and illustrate the differences resulting in deferred tax.

The course will provide an overview on the recognition, measurement and presentation of deferred tax assets and liabilities based on Singaporean and Multinational companies. .The program will advise on how to identify and measure temporary difference for tax residents and be specific on the implications on tax schemes like:

•  Pioneer,
•  DEI status and
•  Productivity and Innovative Credit in Singapore.

Additionally the participants will learn how more complex areas of accounting like share-based payments, investment properties and business combinations will affect the accounting of deferred tax. The course is based on numerous practical examples and case studies to help understand the complexity of this topic.
The program will end with a look ahead to the key changes proposed by the new exposure draft on income tax under FRS 12 (R) and the implications from the annual improvement project

 

Programme Outline

  • Overview of FRS 12 “Income Tax”
  • Recognition of Deferred Taxes
    • Step by Step approach
    • Temporary vs. Permanent Differences
    • Tax Base vs. Book Base
    • Tax rate
  • Deferred Taxes on complex issues
    • Tax holidays (Pioneer & DEI Status)
    • Investment Property
    • Share-based payments
    • Business Combinations
      • Fair value adjustments
      • Initial recognition difference
      • Tax losses of acquiree
  • Uncertain tax Positions under FRS
    • Concept and Recognition criteria
    • Measurement of uncertain tax positions
    • Presentation of uncertain tax positions
  • Look ahead “Exposure draft on Income tax FRS 12 (R)”
    • Key changes in recognition and measurement of deferred taxes
    • Executive summary


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 program intended for Chief Financial Officers, Financial Controllers, Finance Managers, Auditors, Accountants and those involved in the preparation and interpretation of financial statements. Also for those who are interested to gain an understanding of an overview on the recognition, measurement and presentation of deferred tax.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

26 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Michel Herrmann

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

09 Jun 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Michel Herrmann

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

07 Sep 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Michel Herrmann

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

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

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Date & Time

07 Jun 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Date & Time

20 Mar 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 5 Jan 2021
Course Ref No.: CRS-N-0045930

 

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 5 Jan 2021
Funded Hours: 7 hours
Course Ref No.: CRS-N-0045930

 

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)


Michel Herrmann
WP, StB, CPA (US and Singapore)

 
Michel has accumulated over 10 years experience in accounting advisory and was with PricewaterhouseCoopers since 2001. He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas of business combinations, revenue recognition, deferred tax and financial instruments.
While working in Germany, Michel was a member of the German technical accounting group and also a frequent guest speaker at the University of Giessen and the national convention of German CPAs. Michel has co-authored several publications on international accounting. He graduated with a MBA from the University of Mannheim, and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA.

Program Objective
This full redeveloped program will help the participants understand the new concept of accounting and tax for individual transaction and illustrate the differences resulting in deferred tax.

The course will provide an overview on the recognition, measurement and presentation of deferred tax assets and liabilities based on Singaporean and Multinational companies. .The program will advise on how to identify and measure temporary difference for tax residents and be specific on the implications on tax schemes like:

•  Pioneer,
•  DEI status and
•  Productivity and Innovative Credit in Singapore.

Additionally the participants will learn how more complex areas of accounting like share-based payments, investment properties and business combinations will affect the accounting of deferred tax. The course is based on numerous practical examples and case studies to help understand the complexity of this topic.
The program will end with a look ahead to the key changes proposed by the new exposure draft on income tax under FRS 12 (R) and the implications from the annual improvement project

 

Programme Outline

  • Overview of FRS 12 “Income Tax”
  • Recognition of Deferred Taxes
    • Step by Step approach
    • Temporary vs. Permanent Differences
    • Tax Base vs. Book Base
    • Tax rate
  • Deferred Taxes on complex issues
    • Tax holidays (Pioneer & DEI Status)
    • Investment Property
    • Share-based payments
    • Business Combinations
      • Fair value adjustments
      • Initial recognition difference
      • Tax losses of acquiree
  • Uncertain tax Positions under FRS
    • Concept and Recognition criteria
    • Measurement of uncertain tax positions
    • Presentation of uncertain tax positions
  • Look ahead “Exposure draft on Income tax FRS 12 (R)”
    • Key changes in recognition and measurement of deferred taxes
    • Executive summary


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 program intended for Chief Financial Officers, Financial Controllers, Finance Managers, Auditors, Accountants and those involved in the preparation and interpretation of financial statements. Also for those who are interested to gain an understanding of an overview on the recognition, measurement and presentation of deferred tax.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Michel Herrmann
WP, StB, CPA (US and Singapore)

 
Michel has accumulated over 10 years experience in accounting advisory and was with PricewaterhouseCoopers since 2001. He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas of business combinations, revenue recognition, deferred tax and financial instruments.
While working in Germany, Michel was a member of the German technical accounting group and also a frequent guest speaker at the University of Giessen and the national convention of German CPAs. Michel has co-authored several publications on international accounting. He graduated with a MBA from the University of Mannheim, and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA.

Upcoming Schedule

Date & Time

26 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Michel Herrmann

Venue

60 Cecil Street
ISCA House
Singapore 049709