Overview   

In Part 1 of this series we covered detailed information on deferred tax and all the relevant knowledge required for correct calculation and treatment. This information is in line with the requirements of IAS 12 Income Taxes (full IFRS) and Section 29 Income Taxes (in the IFRS for SMEs).  

In this second and closing part we take a look at the six exceptions relating to the tax bases of assets and liabilities. We also look at the presentation of income taxes on the face of the financial statements and disclosure in the notes to the financial statements. 

Join Anton van Wyk M.Com, CA(SA) on 26 March 2021 from 9:00 a.m. to 11:30 a.m. as he uses practical examples to illustrate the important principles behind deferred tax. 

Learning objectives  

By the end of this event the attendee should: 

• Understand the six exceptions relating to the tax bases of assets and liabilities; 

• Understand the presentation of income taxes (on the face of the financial statements); 

• Understand how to disclose income taxes (in the notes to the financial statements); and  

• Be able to complete Milestone Assessments 4 and 5 to solidify principles. 

Content 

The webinar will cover the following topics:  

• Six exceptions relating to the tax bases of assets and liabilities: 

  • Future economic benefits from an asset not taxable – what is the tax base of such an asset? 

  • The initial recognition exemption from the calculation of deferred tax – what to know? 

  • The limited recognition of deferred tax assets on deductible temporary differences. 

  • The limited recognition of deferred tax assets on unused tax losses or tax credits. 

  • Goodwill arising in a business combination and its impact on deferred taxation. 

  • Temporary differences relating to investments in subsidiaries, branches, associates and joint arrangements and the exemption thereof from deferred taxation. 

• Presentation of income taxes on the face of the financial statements. 

• Disclosure of income taxes in the notes to the financial statements. 

• Milestone assessments 4 and 5. 

Obtaining your CPD certificate 

This webinar qualifies for 2.5 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. 

All attendees are issued with a CPD certificate available in an online profile. 

About the presenter 

Anton van Wyk M.Com, CA(SA) 

Anton van Wyk is a chartered accountant and independent consultant in International Financial Reporting Standards (IFRS and IFRS for SMEs). As former subject head of Financial Accounting at various higher education providers (including the University of Johannesburg and Monash University South Africa), he has gained valuable insights into and understanding of the important principles underlying the International Financial Reporting Standards (IFRS). 

Anton is a well-known and popular presenter who has presented numerous IFRS updates for several accounting bodies across South Africa. He is known for his ability to simplify and highlight the most important principles contained in IFRS, whilst keeping the learning process enjoyable for attendees. 

Who should attend 

The following persons will benefit from attending this webinar: 

• Professional Accountants including: RA, CA(SA) ,PA(SA) and BAP(SA); 

• Accounting officers;  

• Tax practitioners; and 

• Bookkeepers. 

Price               

• R 575.00 - Online admission - Individual. 

• R 950.00 - Online admission - Company. 

Steps to register for the event:  

If you already have a profile, login and register for the webinar. 

If you don’t have a profile, create a free profile then login and register for the webinar. 

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series). 

Click here to find out about the Technical Resource Centre & CPD Subscription options. 

Additional material 

By attending this webinar you will be provided with: 

• Summarised slide presentation. 

• Reference documents and/or course material. 

• You can ask questions during the webinar and you will also have access to me the presenter after the webinar.