Tax in Company Accounts – IFRS
Tax payable by a company in a particular year may bear little relationship to the amount of tax reported in the financial statements, depending on the laws in the country concerned, largely because of deferred tax. The standard which governs the treatment of taxation in company accounts is IAS 12 – Income Taxes. There are references to tax in other standards, notably IAS 1 – Presentation of Financial Statements, and although there is reference to this the course centres on IAS 12. This Tax in Company Accounts – IFRS practical course gives a detailed explanation of the application of deferred tax and the necessary disclosures and how to account for current and deferred taxation in accounts for companies using IFRS. It concentrates on the effects on profit, assets and liabilities and the notes to the accounts using numerous worked examples.