About this course
Income tax payable derives from the taxable income. But taxable profit is not necessarily equal to accounting profit. What happens when the taxable profit is different from the profit of IFRS financial statements?
This course helps you understand what exactly deferred taxes are, when they arise, how current and future income taxes are recognised and measured, how taxes are presented and which disclosures are required related to income taxes, according to IAS 12. In addition, the accounting of current taxes is also briefly discussed. The course includes practical examples and interim tests.
By completing this course, you will understand:
- the concept of deferred taxes and current taxes
- when you need to account for deferred taxes and what the recognition exemptions are
- step-by-step calculation of deferred tax amounts
- whether a deferred tax asset or a deferred tax liability arises
- the recognition requirements and correct journals for current and deferred income taxes
- IAS 12 standard's disclosure requirements.
Key information
- Designed for finance and accounting experts who are familiar with fundamental (local) accounting and reporting processes.
- CPD certificate is available upon successful completion of the course.
- Part of an e-learning series developed by PwC Academy.
