Course Detail(A147 : Deferred Tax Accounting: A Deeper Dive)

SDF Funding, SkillsFuture Credit, UTAP Funding

A147 : Deferred Tax Accounting: A Deeper Dive

14.00 CPE Hours (Category 1)
Classroom

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be conducted via Live Webinar.

Please do check the details before confirming your registration for the course/session.

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

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

Schedule & Fees

Date & Time

17 Dec 2019 (9:00 AM - 5:00 PM)
18 Dec 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Oh Ai Sim

Date & Time

13 Aug 2019 (9:00 AM - 5:00 PM)
14 Aug 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Oh Ai Sim

Date & Time

20 Dec 2018 (9:00 AM - 5:00 PM)
21 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Oh Ai Sim

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 22 Oct 2021
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.skillsfuture.sg/credit)

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 $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 22 Oct 2021
Funded Hours: 14 hours
Course Reference Number: TGS-2020501914

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”.
     

 

For course run start date before 1 Nov 2020, submit training grant application in SCN until 30 Nov 2020.

For course run start date on or after 1 Nov 2020, Enterprises/employers are NOT required to log into TPGateway/SCN to submit training grant.

Remarks

Step 2: After receiving email that the programme status is confirmed, please proceed to submit the Training Grant application via SkillsConnect Portal (https://www.skillsconnect.gov.sg/).

Employers of company-sponsored participants must submit training grant via SkillsConnect 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.

The employee’s enrolment, attendance and assessment recordswill be submitted by ISCA onto TPGateway.


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).

3] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.

NTUC members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2022. *This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 01 April 2020 – 31 March 2021.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.

To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
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)


Oh Ai Sim

Ai Sim has more than 20 years of audit related experience and her last position was an Executive Director with a big four international accounting firm.
 
Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She specialises in training covering FRS and audit related topics.

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be conducted via Live Webinar.

Please do check the details before confirming your registration for the course/session.

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

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)

Oh Ai Sim

Ai Sim has more than 20 years of audit related experience and her last position was an Executive Director with a big four international accounting firm.
 
Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She specialises in training covering FRS and audit related topics.

Upcoming Schedule

Registration is closed

Date & Time

17 Dec 2019 (9:00 AM - 5:00 PM)
18 Dec 2019 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 620.60
For Non-Members: $ 736.16

Programme Facilitator(s)

Oh Ai Sim

Venue

137 Cecil Street
Level 4
Cecil Building
Singapore 069537