The purpose of this course is to familiarize you with the guidance on accounting for income taxes as described in IAS 12. The objective of IAS 12 is to prescribe the accounting treatment for income taxes.
Objective:
- To demonstrate an understanding of temporary differences, both taxable and deductible, and to be able to account for their effects on future taxable income
- To calculate the appropriate balance for tax expense, deferred income tax liability or deferred tax asset, and current tax payable for the end-of-period financial statements
- To be able to properly classify deferred tax assets and deferred tax liabilities on the statement of financial position
- To be able to determine the proper accounting for tax loss carrybacks and carry forwards
- To be able to determine the proper tax rate to be used in the calculation of deferred tax amounts
PREREQUISITE: None
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