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The complexities of deferred tax and uncertain tax positions for your business4 CPE hours
23 July 2020 Session 1: 10:00am–12:00pm
24 July 2020Session 2: 10:00am–12:00pm
Target Audience Finance professionals (Accounting, Reporting), CFO, Controllers, Finance Managers
Delivery mode Pre-work and Live Webinar
Facilitators Sanjna Punjabi Director Business Advisory Services
Karen Oh Senior Manager Business Tax
Adriel Pang Manager Business Advisory Services
Course Fee S$120
Introduction to course
Accounting for deferred tax can often turn out to be a daunting task when the concepts and terminology behind deferred tax seem hardly intuitive. This, coupled with the need for in depth understanding of the relevant tax laws, may result in confusion over the practical application of the concepts.
This workshop aims to empower you with the basic understanding of IAS 12 Income Tax, focussing on the fundamental concepts behind deferred taxation and approaches towards the assessment of uncertain income tax treatments under IFRIC 23. Discussion using real-life examples, bundled together with hands-on exercises, guided by our experienced trainers would help to drive your learning.
Learning objectives
• Refresh your understanding on the accounting concepts of income tax and deferred tax under IAS 12 Income Tax, with practical case studies and exercises;
• Gain understanding on pitfalls and common errors to avoid; and
• Gain insight into real life issues and challenges that companies encounter.
Outline of course
Workshop Agenda:Unpacking accounting theory and approaches • Refresher on the requirements of IAS 12 Income Tax; • Understanding the Balance Sheet approach to deferred taxes; • Recognition and measurement of deferred tax via a 6-steps computation approach which include determining:– Tax base to calculate temporary differences– Applicable tax rate– Recoverability of deferred tax assets
• Assessment and accounting for uncertain tax positions under IFRIC 23; and • Discussion on implications of other accounting standards to deferred tax e.g. IFRS 16 Leases.
Sharing by tax specialists • Understanding the process of building up current and deferred tax computations; • Gain insight on how various types of tax adjustments may arise and impact the current and deferred tax balances from a Singapore corporate income tax perspective; and
• Highlighting pitfalls and common errors in tax accounting to avoid.
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