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FRS 12 Income Taxes deals with the disclosures of current tax and deferred tax. It sets out the concept of deferred tax and how to account for deferred tax. Deferred tax arises because of accounting mismatch between taxable profits and accounting profits.

Participants will be guided step-by-step from understanding the concepts and application of the concepts set out in FRS 12 to the completion of a deferred tax worksheet. The guided approach is very important as it builds the foundation to deferred tax accounting and with this knowledge, participants will be able to apply the concept to any circumstances encountered in the future.

What you will learn

At the end of the webinar, you will:

  • Have a practical understanding of the concepts and application of FRS 12 Income Taxes
  • Gain a solid foundation in deferred tax accounting with the step-by-step guidance given by the Trainer
  • Be more confident in applying FRS 12 Income Taxes in your workplace

Programme Outline

Understanding deferred tax

  • Updates on FRS 12
  • Principle of deferred tax
    • Accounting profit and taxable profit differences
    • concept of tax equalization
  • Current tax accounting
    • withholding taxes
    • uncertain tax positions
    • presentation and disclosure of current tax

Applying a stepped approach to deferred tax calculation

  • case study approach
  • determining the tax base
  • analyzing temporary difference
  • applying the exception rule
  • manner of recovery and tax rate
  • performing a simple tax reconciliation
  • performing a deferred tax proof
  • performing group tax reconciliation

Additional exercises

  • Impact of deferred tax for investment properties carried at fair value
  • tax accounting under FRS 115
  • tax accounting under FRS 116
  • Impact of government grants and decommissioning provisions

This workshop qualifies for 7.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

Expert Speaker

Oh Ai Sim

Ai Sim is a qualified Accountant with over 20 years of audit related experience in a big four accounting firm. Her portfolio of clients included listed companies, multi-national companies and private entities, covering specialized industries in the technology sectors, property development and construction, retail and warehousing, manufacturing, trading and charitable organizations.

Ai Sim was involved in initial public offerings, mergers and acquisitions, due diligence and corporate restructuring.
She was also actively engaged in technical training during her audit career. She now conducts training regularly on FRS and audit related topics.

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