The income tax payable derives from the taxable income. But taxable profit does not necessaraly equal to accounting profit. What happens when the taxable profit is diferent from the profit of the IFRS financial statements? Will the taxes payable be disclosed as too high or to low in the IFRS financial statements? No, deferred taxes come into play.
This course helps you understand what exactly deferred taxes are, when they arise, how current and future income taxes are recognised and measured, how taxes are presented and which disclosures are required related to income taxes, according to IAS 12 standard. In addition to the accounting of deferred taxes , the accounting of current taxes are also briefly discussed. The course includes practical examples and interim tests to enhance understanding.
This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes.