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Two elements to tax that an entity has to deal with: 2 开始学习
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Current tax | Deferred tax
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2cz 开始学习
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The amount payable to the tax authorities | in relation to the trading activities of the current period.
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3cz 开始学习
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An accounting measure used to match | the tax effects of transactions | with their accounting treatment.
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Tax expense for an entity calculation 开始学习
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Tax expense = Current tax +/- movement in deferred tax.
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According to the accruals concept, the tax effect of the transaction should be reported in the same accounting period as... 开始学习
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... as the transaction itself.
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Deferred tax is recognised on temporary differences between the accounting and... 开始学习
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and tax treatment of a transaction.
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Temporary difference is the difference between... 2cz | IAS 12 Income taxes states that: 开始学习
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Carrying amount of an asset or liability and its tax base.
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Tax deductions for the cost of NCA that have a different pattern to... 2cz example of temporary differences [1/3] 开始学习
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to write off of the asset | in the FSs.
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Assets are revalued upwards in the FSs, but... example of temporary differences [2/3] 开始学习
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but no adjustment is made for TAX purposes.
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Development costs are capitalised and amortised to profit or loss in future periods, but were... example of temporary differences [3/3] 开始学习
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were deducted for TAX purposes as incurred.
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Calculating deferred tax - first step. 开始学习
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Temporary differences determination.
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If the CA exceeds the tax base, the temporary difference is said to be a... Temporary differences determination. / option 1 开始学习
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a taxable temporary difference (a liability).
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If the tax base exceeds the CA, the temporary difference is... Temporary differences determination. / option 2 开始学习
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a deductible temporary difference (an asset).
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The tax rate in force (or expected to be in force) when the asset is realised or the liability is settled is applied to the temporary difference to calculate the... 开始学习
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the deferred tax balance.
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The rate of deferred tax must be based on legislation enacted or substantively enacted by ... date. 开始学习
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Deferred tax assets and liabilities - time value. 开始学习
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Deferred tax assets and liabilities are NOT discounted to PV.
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The entry to PoL or OCI in respect of deferred tax is the difference between... 3cz accounting for deferred tax 开始学习
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net liability/asset | at the beginning of the year | and at the end of the year.
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If the item giving rise to the deferred tax is dealt with in PoL, the related deferred tax should... 开始学习
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should also be presented in PoL.
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If the item giving rise to the deferred tax is dealt with in OCI, the related deferred tax should... 开始学习
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should also be recorded in OCI.
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Share option scheme. The amount of tax relief granted is based on the intrinsic value of the options* at the exercise date. This delayed tax relief give rise to... *The difference between the market price of the shares and the exercise price of the option. 开始学习
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Intrinsic value of share options - The difference between... 开始学习
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between the market price of the shares and the exercise price of the option. market price of shares | exercise price of the option
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Where an entity has unused tax losses IAS 12 allows a deferred tax asset to be recognised to the extent that that it is... 3cz 开始学习
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is PROBABLE | that future TAXABLE PROFITS will be available | against which the UNUSED TAX LOSSES can be utilised. probable | future taxable profits | unused tax losses
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The identifiable net assets of the acquired subsidiary are consolidated at FV but the tax base derives from the values in the subsidiary's individual FSs. A temporary difference is created, giving rise to... Deferred tax consequences for business combinations. (1/2) 开始学习
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deferred tax in the in the consolidated FSs.
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Provisions for unrealised profits reduce the CA of inventory in the consolidated FSs but the tax base is its costs in the individual FSs. A temporary difference is created, giving rise to... Deferred tax consequences for business combinations. (2/2) 开始学习
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to a deferred tax asset in the consolidated FSs.
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Goodwill itself does not give rise to deferred tax because... 开始学习
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because IAS 12 specifically excludes it.
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