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The principal issue in accounting for income taxes is how to account for the current and future tax consequences of:

(a) the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in an entity’s statement of financial position; and

(b) transactions and other events of the current period that are recognized in an entity’s financial statements.

We all know that domestic and foreign taxes are based on taxable profits. But how exactly do you account for the current and future tax consequences of transactions and other events in IFRS? When can you defer taxes and when do you have to record a tax expense? What about taxes on revaluation of assets allowed in IFRS? How do you account for taxes on share-based payments (options)? Can you offset tax assets and tax liabilities in IFRS?

This session will answer these and many other questions so you can understand the advanced tax implications of IFRS.

Course Key Concepts: IFRS, IASS 12, Taxes, Asset revaluation, Revenue recognition

Learning Objectives

  • Recognize concepts and rules for foreign and domestic taxes under IFRS.
  • Explore the accounting treatment of future recovery (settlement) of the carrying amount of assets (liabilities), the recognition and measurement of current tax liability and deferred tax liability in the financial statements and possible offsets.
  • Identify what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of applying IAS 12 tax rules.
  • Discover how IFRS provides accounting requirements for Items recognized within and outside profit or loss, including how to account for taxable and deductible temporary differences and unused tax losses and credits.
  • Recognize the tax consequences under IFRS of investments in subsidiaries, branches and associates and interests in joint ventures and how to allocate tax liability under IFRS along with current and deferred tax on share-based payment transactions.
Last updated/reviewed: January 20, 2020

1 Review (2 ratings)Reviews

4
Anonymous Author
I enjoyed the course and I found it very informative.

Prerequisites

Course Complexity: Advanced

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:09Introduction to IFRS and Taxes under IAS 12
  6:21Objective and Application with Brief Introduction
  10:51Definations
Tax Base
  2:19Tax Base and Consolidated Statements
  6:06Recognition of Current and Deferred Tax Assets and Liabilities
  4:29Timing Differences and Combinations
  5:02Fair Value and Goodwill
  2:30Deductible Temporary Differences
  2:05Initial Recognition
  1:40Unused Tax Losses and Tax Credits
Certain Criterias
  2:06Assessing Probability
  3:21Reassessment
  2:40Control
  8:44Measurement
  3:41Items Recognized
  1:04Share Based Payment Transactions
  2:45Presentation Offset
  7:18Disclosures
Continuous Play
  1:16:09What You Need to Know about IFRS and Taxes (IAS 12)
Supporting Materials
  PDFSlides: What You Need to Know about IFRS and Taxes (IAS 12)
  PDFWhat You Need to Know about IFRS and Taxes (IAS 12) Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM