Deferred tax when different tax rates apply
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!
IFRS 2019 Update: Major changes you should be aware of
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…
Tax Reconciliation under IAS 12 + Example
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…
When to start depreciation?
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…
Tax Incentives – IAS 12 or IAS 20?
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…
Monetary or Non-Monetary?
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…
Deferred Tax: The Only Way to Learn It
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…
The Unconventional Guide To IAS 12 Tax Bases
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…
IAS 12 Income Taxes
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…
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