Annual Reporting Posts

Blog posts from Annual Reporting Posts

IAS 12 Income tax definition

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Topics hide IAS 12 Income tax definition IAS 12 Income tax definition Accounting for initial temporary differences after day one Case – Non-deductible cost of a building Changes in an asset’s tax base due to a revaluation or indexation Gains and losses relating to an available-for-sale financial asset reclassified to profit or loss Deferred tax … Read more

Deferred tax calculations using IAS 12

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Topics hide Deferred tax calculations Step 1 – Establish the accounting base and the tax base of the asset or liability Establishing the accounting base of the asset or liability Determine the tax base of the asset or liability Example accounting and tax base/Example calculation deferred tax Step 2 – Establish the difference between accounting … Read more

Supplier finance arrangements

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Topics hide Supplier finance arrangements What are supplier finance arrangements? Who is impacted? Why do supplier finance arrangements create an issue? What are the consequences for the Cash Flow Statement? What are some of the disclosure requirements? Supplier finance arrangements A purchaser of goods or services may enter into a variety of arrangements to fund … Read more

IAS 12 Tax measurement

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Topics hide IAS 12 Income taxes IAS 12 Tax measurement IAS 12 Income taxes IAS 12 Tax measurement 46 Current tax liabilities (assets) for the current and prior periods shall be measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have been … Read more

IAS 12 Tax base

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Topics hide IAS 12 Income taxes IAS 12 Tax base IAS 12 Income taxes IAS 12 Tax base 7 The tax base of an asset is the amount that will be deductible for tax purposes against any taxable economic benefits that will flow to an entity when it recovers the carrying amount of the asset. … Read more

IAS 37 Provisions Other liabilities and Contingent liabilities

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Topics hide IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 37 Provisions Other liabilities and Contingent liabilities Provisions and other liabilities IAS 37 Provisions Other liabilities and Contingent liabilities Relationship between provisions and contingent liabilities IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 37 Provisions Other liabilities and Contingent liabilities Provisions and other … Read more

Taxable temporary differences

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Temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.         IFRS terms or definitions come from the Official Journal of the European Union (© European Union, https://eur-lex.europa.eu). Individual jurisdictions around the … Read more

Deductible temporary difference

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Temporary differences between the carrying amount of an asset or liability in the statement of financial position and its tax base that will result in amounts that are deductible in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.         … Read more