IAS 1 Presentation of Financial Statements requires an entity to prepare its financial statements (except for cash flow information) on the accrual basis. This means that the accounting tax charge should reflect the tax consequences of the amounts recognised in the specific financial year, regardless of whether amounts have been included in taxable income or not.
The difference in when amounts are added or deducted for tax or for accounting requires an adjustment - an accounting entry called deferred tax.
Deferred tax calculations are challenging for many and in this webinar series we aim to break it down for you by following a systematic approach. Once comfortable with the basic principles of deferred tax (Part 1), we will discuss some of the more complex areas that need to be considered (Part 2).
During Part 1 of the webinar series will also cover the key processes and controls necessary to produce an accurate and complete tax calculation, and is designed around the key proofs and workings that should be prepared for any tax calculation:
- The tax rate reconciliation – with a focus on permanent differences.
- The deferred tax proof – with a focus on temporary differences and IAS12 principles.
- The fixed asset proof.
Each of these proofs and reconciliations is explained in a practical manner. For each of the proofs or reconciliations, the theory to key adjustments is explained, but more importantly, participants will work through a number of worked examples which explain the application of the theory. A detailed agenda is listed below.
The webinar will contribute to 3.5 hours CPD/CPE.
R1,121.25 (inclusive of VAT) / R975.00 (exclusive of VAT)