Sponsor

Overview

The accounting of tax transactions is a highly risky area of preparing financial statements. In terms of the Tax Administration Act and the Companies Act, misaligning the accounting and tax treatment of transactions is an offence. As virtually all revenue and expense transactions have a tax implication, it is necessary to know how tax will influence the financial statements. This seminar is a must for those that need to refresh their knowledge on accounting for tax and related transactions. It will focus on the newly updated IFRS for SMEs standard that is now fully aligned with full IFRS with regards to the treatment of income tax and how to calculate tax and deferred tax on temporary differences on various assets and liabilities.

During this half-day seminar, Prof. Hentie van Wyk will uncover how to make tax accounting easier, particularly with regards to deferred tax, in a highly interactive and practical manner.

Key learning outcomes

At the end of the seminar, participants will be able to:

• Understand how IFRS for SMEs aligns with the related tax legislation
• Do a tax calculation from the statement profit and loss
• Calculate deferred tax on various assets and liabilities
• Disclose and present current tax information in the financial statements
• Disclose and present deferred tax information

Course content

• Introduction
  • Related legislation and how it aligns with IFRS for SMEs
  • The Tax Administration Act 2011
  • Consumer Protection Act 2008
  • Companies Act 2008
  • CCs Act as amended
• Accounting for common taxation transactions
  • Property plant and equipment
  • Intangibles
  • Leases vs. hire purchase
  • Investment property
  • Financial instruments
  • Inventory
  • Provisions
  • Employee benefits
  • Dividends
  • Agriculture

Presenter

Prof. Hentie van Wyk

Programme Director, Accounting Education University of the Free State

With more than 30 years’ experience in academia, Prof. Hentie van Wyk is a well-respected and acclaimed presenter. He is a Professor with the University of the Free State and was appointed as the Head of the Centre for Accounting in 1992. He obtained a PhD in 2003 in Public Sector Management and is currently the Programme Director for Accounting Education at the University.

Who should attend

Accountants, tax practitioners, auditors, bookkeepers and other professionals involved in accounting and financial reporting for tax transactions.

CPD

Attendance of the half-day seminar will accrue 4 + 1 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CSSA, ICBA, LSSA, FPI, and the IBA. ACCA is a full member of IFAC. The ACCA CPD policy is compliant with IFAC IES7 and is recognised by SAICA, AAT, SAIPA, SAIBA, IAC, CIS and others.

Complete a free online assessment at the end of the event and receive an additional CPD point.