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.
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.
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.