Accounting for income taxes requires proper understanding of current and deferred taxation. For many finance professionals, the concepts underlying current and deferred taxation are not intuitive. Applying these concepts requires a thorough knowledge of the relevant income tax laws as well as the requirements of FRS 12 Income Taxes. The concepts and application of deferred taxation under FRS 12 have always been rather challenging even for the more experienced finance professionals.
Wolters Kluwer presents a one-day workshop to share some insights into the more challenging aspects of accounting for current and deferred taxation under FRS 12. Through a combination of conceptual discussions and illustrative applications, the workshop will address key accounting issues and requirements of current and deferred taxation under FRS 12.
Examine the Accounting for Income Taxes under FRS 12
Apply the Balance Sheet Liability Approach to Deferred Taxation under FRS 12
Identify the Main Sources of Temporary Differences
Understand and Apply the Accounting for Tax Losses Carry Back and Carry Forward
Discuss the Initial Deferred Taxation Recognition Exemption for Assets and Liabilities
Examine Deferred Taxation on Consolidation in relation to Fair Value Adjustments and Additional Assets and Liabilities Recognized on Initial Acquisition of a Subsidiary
Review the Issues in Measurement, Presentation and Disclosure of Current and Deferred Tax
At the end of this workshop, you will:
Low Kin Yew is an Associate Professor of Accounting (Practice) at the Nanyang Business School of Nanyang Technological University and the School’s Associate Dean (Undergraduate Academic). He has a Bachelor of Accountancy degree (First Class Honours) from the National University of Singapore and a Ph.D. in accounting from the University of Illinois at Urbana-Champaign.
Prior to joining Nanyang Technological University, he worked in the Singapore office and Sydney (Australia) office of a Big 4 accounting firm. Since joining the Nanyang Business School, he has taught accounting and auditing courses at both the undergraduate and graduate (MSc, MBA and EMBA) levels. He has won the Researcher, Teacher of the Year Award of the Division (Accounting), and the Nanyang Excellence Award in Teaching. He is a member of the Chartered Accountants Australia and New Zealand (CAANZ) and Institute of Singapore Chartered Accountants (ISCA). He is currently a member of AGD Advisory Committee on Accounting Standards for Statutory Boards and SAC Learning and Assessment Committee for Singapore CA Qualification Programme. He is a co-author of two accounting textbooks: A Practical Guide to Financial Reporting Standards (Singapore), 7th edition, 2018, Wolters Kluwer, and Intermediate Accounting IFRS Edition, Global edition 2, 2019, McGraw-Hill Education.