The plan for this session is to establish and simplify the principles that relate to the accounting treatment of income tax or taxes based on taxable profit. Section 29 deals with how to account for income tax in a set of accounting records and how it is to be later presented in a set of annual financial statements. To illustrate the principles from the section, some basic / partial calculations of current tax and deferred tax (as may be applicable in the South African context) will be demonstrated.

We seek to empower you as an accountant in finance as well as auditor / reviewer in public services, by: • Identifying when a business is required / permitted to apply the requirements of a section • Establishing what the requirements are / guidance is per section, relative to: o Definitions o Recognition o Measurement • Discussing any accounting policy elections available • Identifying the disclosure requirements and where possible, providing illustrative examples mation in each statement.

• Section 29: Income Tax o Requirements and concepts around current tax o Requirements and concepts around deferred tax o Substantively enacted tax rates o Disclosure

This series is aimed at accountants in business applying IFRS for SMEs in preparing their financial statements; as well as, auditors of clients adopting IFRS for SMEs as their accounting framework, so as to equip accountants and auditors to better identify and assess the application of the framework. This session will assist the following professionals: • Financial accountants and managers • Auditors • Audit managers and partners • Bookkeepers • First, Second and Third year SAICA Trainees • Engagement Quality Control Reviewers.