Corporate Income Tax: Accounting for Deferred Taxes
|CPD Hours:||Attendance at this seminar will secure 1.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
The submission and payment of Income Taxes are inevitable realities for companies and the professionals that are charged with the responsibility of handling the tax affairs of these entities. This course is the last in our three-part series, and aims to assist taxpayers and those charged with accounting records with understanding how to do a deferred tax calculation for accounting purposes.
This session will cover the following: • The requirements as set out in IAS12 for accounting for deferred tax with reference to the carrying values and tax values of relevant items: o Fixed assets, leases and investments o Inventory o Debtors and Creditors o Prepayments and Income received in advance o Provisions and Accruals • Permanent differences that may arise due to a continual mismatch between accounting and tax, such as exempt income • Accounting for and understanding the deferred tax movement, what it represents and where it fits in on the financial statements
Those charged with the responsibility of preparing financial records for companies, including tax professionals and financial officers or directors. Auditors will also benefit from this course, as it covers the same principles required when auditing the tax liability and expense.