Tax effect accounting can be tricky and you need to have your wits about you. You also require a good grasp of the principles and in Part 1 of this 2-part series we’ll make sure you know your tax bases and how to calculate deferred tax. Accounting profit/ (loss) is determined under applicable Australia Accounting Standards, whereas taxable income/(loss) is determined in accordance with the taxation laws of the applicable jurisdiction.
This means that the calculation of accounting profit/(loss) for a particular period usually does not equal the calculation of taxable income/(loss) for that same period. There is a need to account for these differences in a set of financial statements.
Webinar Learning Outcomes:
At the end of this webinar, attendees will be able to:
• Explain the purpose of tax effect accounting
• Calculate and account for current tax
• Determine the tax base of various assets and liabilities
• Calculate and account for deferred tax
Preparers and auditors of financial reports.
Aletta Boshoff is an IFRS advisory specialist with over 25 years’ experience in financial reporting and accounting, including IFRS. Aletta prides herself on her technical excellence, approachability, and the ability to solve problems practically. Aletta loves accounting and accounting standards, but she is also of the view that it's only when you try and apply that knowledge that you are really challenged and that it is only then that you fully appreciate the nuances of IFRS.
In particular, Aletta takes great pride in her ability to apply a wealth of technical expertise to real-world business situations. She works hard to ensure she is working with her clients, involving them at every step of the journey. She helps them to understand how she came to a recommendation, so that they can test any assumptions she has made and together they can come to the best IFRS solution possible.
Your webinar purchase includes:
• the PowerPoint slide deck as a PDF workbook
• any supporting documentation required
• access to stream the Webinar Recording multiple times
• an opportunity to ask questions.
Navigating the maze of tax effect accounting.