Deferred Taxation

Deferred Taxation Workshop

http://www.fp-consultants.com/pro_deferred_taxation.html

Outline

�An introduction to the history and development of deferred taxation

- The difference between deferral method and liability method
- The different between income statement liability method and balance sheet liability method
- The difference between timing difference, temporary difference and permanent difference

�Objective of IAS 12

- The current tax consequences and future tax consequences
- Tax consequences of transactions and other events
- The meaning of tax effect on future economic benefits and future obligation

�Understanding and determining tax base of assets and liabilities

- Non-current assets: assets that are claiming capital allowance and those that are not
- Current assets: inventory and work-in-progress, receivables, prepayments, cash
- Current liabilities: payables, accruals, deferred income
- Non-current liabilities: loans

�Recognition of deferred tax assets and liabilities

- Determining deductible temporary difference and taxable temporary difference
- Accounting treatment for deferred tax liability and deferred tax asset arising from initial recognition

�Measurement of deferred tax assets and deferred tax liabilities

- Determining tax rate enacted and substantively enacted
- Manner of recovery or settlement of assets and liabilities

�Computation format using spread sheet

- Taxable temporary difference and deferred tax liability
- Deductible temporary difference and deferred tax asset

�Presentation and disclosure

- Presentation on face of income statement and balance sheet
- Accounting policies and explanatory notes to income statements and balance sheet
- Preparing an explanation of the relationship between tax expense (income) and accounting profit

Who should attend

Main target audience - Practicing Accountants:

Company accountants

Internal/external auditors

Preparer of financial statements

Others (Prerequisite - sound accounting knowledge):

Finance director

Lecturers

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