A short course on the accounting for income taxes i.t.o. IFRS and IFRS for SMEs

  • Presenter: Anton van Wyk CA(SA)
  • Level: Advanced
  • Study time: 7 hours
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Course overview
Income taxes, and especially deferred tax, is not a favourite topic of many accountants! At CPD Campus, however, we believe that this will change when accountants fully understand the important principles supporting the topic. In this enjoyable short course, an in-depth study is made of the principles relating to the accounting for income taxes in terms of full IFRS (IAS 12) and the IFRS for SMEs (Section 29). The IFRS for SMEs was fully aligned to IAS 12 Income Taxes by the IASB, resulting in a uniform accounting treatment of income taxes (including deferred tax) by entities that have adopted either full IFRS or the IFRS for SMEs as their financial reporting framework. 

In this short course, join Anton van Wyk CA(SA) as he works through the vital underlying principles relating to this interesting topic. The short course includes class examples, case studies and milestone assessments which you can refer to later again, should you wish to revise your learning. The short course is divided into two sections of approximately 2.5 hours each. This means that you can complete the course in your own time, and you will be able to control the speed of your progression through the course.
In completing this course, you will be addressing the following professional competencies:

Enabling and future competencies: Business acumen
 Business internal environment
 Business external environment

Technical competencies: Stewardship of capitals: Business process and risk management
 Reporting fundamentals

Technical competencies: Compliance
 Laws and regulations

What's included?

  • 1 On-demand short course
  • Slides
  • 1 Certificate

Learning outcomes

To gain a solid understanding of the philosophy behind the accounting treatment of income taxes, especially deferred (future) tax.
To learn and deeply understand, with examples, the definitions of the tax bases of:
o assets;
o liabilities; and
o income received in advance.
To acquire the ability to correctly calculate deferred tax using the “assets and liabilities” approach adopted by IAS 12 (full IFRS) and Section 29 (IFRS for SMEs).
To learn, understand and identify the important exceptions to the definitions of the tax bases of assets and liabilities, so that the correct amount of deferred tax is provided for.
To refresh the requirements relating to the presentation of income taxes (e.g., profit or loss versus other comprehensive income) and the disclosure of income taxes (i.e., in the notes to the annual financial statements).

Link with SAICA Competency Framework

Enabling and future competencies: Business acumen
 Business internal environment
 Business external environment

Technical competencies: Stewardship of capitals: Business process and risk management
 Reporting fundamentals

Technical competencies: Compliance
 Laws and regulations