Tax in Company Accounts – IFRS

Speaker:  Peter Hughes  |  CPD Hours: 6.0

Price £575 plus VAT

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OBJECTIVES

This Tax in Company Accounts – IFRS course explains how to account for current and deferred taxation in accounts for companies using IFRS. It concentrates on the effects on profit, on assets and liabilities and on the notes to the accounts.

The tax payable by a company in a particular year may bear little relationship to the amount of tax reported in the financial statements depending on the laws in the country concerned. This is largely because of deferred tax, and the course gives a detailed explanation of the application of deferred tax and the necessary disclosures.

The standard which governs the treatment of taxation in company accounts is IAS 12 – Income Taxes. There are references to tax in other standards, notably IAS 1 – Presentation of Financial Statements, and the course will make reference to these, but most of the course concentrates on IAS 12.

CONTENT

  • Recognition in profit or loss or in other comprehensive income
  • Withholding and underlying tax
  • Substantive enactment of tax rates
  • Uncertain tax positions
  • Temporary differences for deferred tax
  • Application of deferred tax to:
    • Accelerated capital allowances
    • Losses
    • Share-based payments
    • Leases
    • Revaluation of assets
    • Investments in subsidiaries, branches, associates and joint ventures
    • Business combinations where the assets of the acquiree are restated at fair value
    • Foreign currency translation
    • Groups
  • Detailed disclosures, including:
    • Reconciliation of tax expense to accounting profit
    • Unrecognised temporary differences
    • Deferred tax assets for loss-making companies

The course is heavily practical and will include numerous worked examples. There will be plenty of opportunity for delegates to put their own questions to the presenter.

WHO SHOULD ATTEND

Accountants with responsibility for preparing or reviewing financial statements in their own companies, accountants in general practice and others who wish to update their IFRS knowledge. Delegates who want to attend but have limited accounting knowledge may find the Accounting Principles 1 – Posting Basic Transactions course helpful.

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