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Date: 27 Aug '10 Time: 9:00am - 5:00pm CPE/CPD:7 hrs Reg Deadline: 13 Aug '10
About the seminar
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The seminar begins by introducing the fundamental principles of accounting for future tax consequences in accordance with IAS 12. Simple illustrations will be used to explain how to recognise deferred tax assets and liabilities. It uses a step-by-step guidance chart to illustrate the rules in constructing a balance sheet liability computational schedule. You will gain a good understanding of the basic principles as well as working knowledge in the recognition, measurement, presentation and disclosure of deferred taxation.
• An introduction to the history and development of deferred taxation
- The difference between deferral method and liability method
- The different between income statement liability method and balance sheet liability method
- The difference between timing difference, temporary difference and permanent difference
• Objective of IAS 12
- The current tax consequences and future tax consequences
- Tax consequences of transactions and other events
- The meaning of tax effect on future economic benefits and future obligation
• Understanding and determining tax base of assets and liabilities
- Non-current assets: assets that are claiming capital allowance and those that are not
- Current assets: inventory and work-in-progress, receivables, prepayments, cash
- Current liabilities: payables, accruals, deferred income
- Non-current liabilities: loans
• Recognition of deferred tax assets and liabilities
- Determining deductible temporary difference and taxable temporary difference
- Accounting treatment for deferred tax liability and deferred tax asset arising from initial recognition
• Measurement of deferred tax assets and deferred tax liabilities
- Determining tax rate enacted and substantively enacted
- Manner of recovery or settlement of assets and liabilities
• Computation format using spread sheet
- Taxable temporary difference and deferred tax liability
- Deductible temporary difference and deferred tax asset
• Presentation and disclosure
- Presentation on face of income statement and balance sheet
- Accounting policies and explanatory notes to income statements and balance sheet
- Preparing an explanation of the relationship between tax expense (income) and accounting profit
Who should attend
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Danny has over 25 years of working experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny also has two years of public practice experience in Malaysia in Between 1996 and 1997 where he was an audit manager with a firm of accountants.
He is currently the partner of a firm providing financial training and consulting for firms in public practice and industry. Danny specialises in International Financial Reporting Standards. He is an experienced speaker in financial reporting and financial statement analysis for several professional institutions and public listed companies in Malaysia and overseas. Danny is serving as a project manager to the Malaysian Accounting Standard Board in several working groups.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a member of Malaysian Institute of Accountants, a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants and an associate member of Malaysian Institute of Taxation.
If you are having trouble registering online then you may download and fill out this registration form and fax it to (65) 67490193.
