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    IAS12 Tax rates

    Deferred tax when different tax rates apply

    by Silvia

    What if the tax rate on capital gains is different from the tax rate on profit? How to calculate deferred tax on assets that will be recovered via both use and sale? Learn here!

    Provisions and Other Liabilities 5

    IFRS 2019 Update: Major changes you should be aware of

    by Silvia

    Here we go again – another year has started and a number of changes or amendments of IFRS came into effect. I am pretty sure that you are aware of the biggest ones like new IFRS 16, but let me sum up all the new…

    Accounting Policies and Estimates, Consolidation and Groups, Financial Instruments, Financial Statements, Provisions and Other Liabilities, Revenue Recognition 36

    Tax Reconciliation under IAS 12 + Example

    by Silvia

    When I was an audit freshman, my least favorite task was to prepare the income tax reconciliation. I frankly hated it. Why? The main reason was that I did not understand the purpose of it. For me, it seemed like a bunch of numbers and…

    Provisions and Other Liabilities 97
    When to start depreciation

    When to start depreciation?

    by Silvia

    After graduating from a university I started my career in a famous, then Big 5 audit company. If you work in auditing I bet you got the worst tasks and assignments during your first year at work! Just as I did. I remember taking part…

    Non-current Assets 149
    IFRS Tax holidays

    Tax Incentives – IAS 12 or IAS 20?

    by Silvia

    In my previous article about accounting for government grants I asked you to give me some feedback and write me about some problems or issues in this area. Surprisingly, most of your responses asked one and the same question: How to account for tax incentives…

    Provisions and Other Liabilities 12
    Monetary or non-monetary?

    Monetary or Non-Monetary?

    by Silvia

    When you need to translate your items denominated in foreign currency to your own functional currency, then there’s one little problem: Is that item monetary or non-monetary? If you determine the nature of your item incorrectly, it can lead to totally wrong presentation in the…

    Financial Instruments, Foreign Currency, Most popular, Non-current Assets 283
    LearnDeferredTaxL

    Deferred Tax: The Only Way to Learn It

    by Silvia

    Deferred tax is neither deferred, nor tax: it is an accounting measure, more specifically an accrual for tax. I’m very proud to publish the first guest post ever in this website, written by Professor Robin Joyce FCCA who will explain you, in a detail, how…

    Provisions and Other Liabilities 61
    IAS 12 Income tax bases

    The Unconventional Guide To IAS 12 Tax Bases

    by Silvia

    Last week I published an article with summary of the standard IAS 12 on Income taxes. It’s not an easy text to read and some definitions in IAS 12 are so obscure that many people grope in the fog unsure what to do. When it…

    Provisions and Other Liabilities 53
    IAS 12 Income taxes

    IAS 12 Income Taxes

    by Silvia

    Benjamin Franklin once wrote: “In this world nothing can be said to be certain, except death and taxes“. Income tax is something that can hardly be avoided by a profit-making company. You might find filling-in the tax return a demanding task because everything must be…

    IFRS Videos, Provisions and Other Liabilities 66

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