HKAS 12 - Income Taxes - Workshop 2019

This workshop aims to provide you with a detailed overview of HKAS 12 Income Taxes. It will be based on the current financial reporting standards applicable in Hong Kong and will focus on the practical application to this standard.

My Offerings

Overview

The speaker will introduce you a detailed overview of HKAS 12 Income Taxes including the concept of tax-effect accounting, explain the terms ‘taxable temporary differences’ and ‘deductible temporary differences’, accounting treatment for deferred tax, account for changes in tax rates, etc.


Key topics covered:

  • Nature of income tax
    - Differences between accounting profit and taxable profit
  • Accounting for current tax
  • Calculation of deferred tax
    - Determining carrying amount and tax bases
    - Calculating temporary differences
    - Calculating deferred tax liabilities and deferred tax assets
    - Excluded differences
    - The use of deferred tax worksheet
  • Determine the deferred tax consequences of revaluing property, plant and equipment
  • Recognition of deferred tax liabilities and deferred tax assets
  • Accounting for unused tax losses and unused tax credits
  • Change of tax rates
  • Deferred tax arising from a business combination
  • Presentation and disclosure


Trainer profile:

Kamsuo Wong MA, LLM, MBA, FCPA(Aust.)

With three Master’s degrees under his belt, Kamsuo Wong, a candidate for a Doctorate degree of Education, is highly regarded as a multi-faceted academic backed by over fifteen years of extensive professional experience in accounting. He is a professional accountant in Hong Kong, United Kingdom and Australia and the member of Hong Kong Institute of Certified Public Accountants (CPA), Chartered Institute of Public Finance and Accountancy (CPFA), and CPA Australia (FCPA). He is also the Expert Council Advisor of International Financial Management Association. He is currently the Assistant Professor of Centennial College (an independent College established by University of Hong Kong), Adjunct Lecturer at a number of universities and tertiary education institutions.

Objectives

  • Understand the nature of income tax
  • Understand differences in accounting treatments and taxation treatments for a range of transactions
  • Explain the concept of tax-effect accounting
  • Apply the requirements of HKAS 12 with respect to current and deferred tax assets and liabilities
  • Apply the tax rates and tax bases that are consistent with the manner of recovery or settlement of an asset or liability
  • Apply the probability recognition criterion for deductible temporary differences, unused tax losses and unused tax credits
  • Determine the deferred tax consequences of revaluing property, plant and equipment
  • Account for changes in tax rates
  • Apply the requirements of HKAS 12 with respect to financial statement presentation and disclosure requirements

Audience

This workshop is suitable for finance professionals who are involved in external reporting, financial management, financial accounting or auditing. Other users of financial information will also find the seminar beneficial.

Details

100053733

3 hours

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