Accounting for Tax - The IFRS essentials Recorded

This Course was originally recorded in autumn 2019

Who is this course for?

Finance Directors, financial controllers and accountants wishing to ensure that the financial statements for which they are responsible have been prepared in accordance with the Irish Companies Acts accounting framework and IFRS.
Auditors with clients preparing financial statements in accordance with the Irish Companies Acts accounting framework based on IFRS.

Users of financial statements prepared under IFRS.

• Course Objectives
• Gain an understanding of the Interaction of Company law, with particular focus on requirements of the Companies Act 2014
• Provide an understanding of how international financial reporting standards interact (IFRS) with tax law;
• Provide an understanding of the rules in IAS 12 Income Tax in relation to:
• Recognition measurement
• Presentation and Disclosure  Of both current and deferred tax
• Transitional rules on initial adoption of IFRS
• The Initial recognition exemption (IRE)
• Tax reconciliation under IAS 12
• Internal Controls over taxation and interaction with Companies Act requirements (Directors compliance statement)

Key Topics

• Companies Act 2014 and the tax related requirements
• Tax charges in the financial statements
• Current and deferred tax requirements under IAS 12 Income Tax in relation to:
• Recognition measurement
• Presentation, and Disclosure
• Specific application of deferred tax:
• Business Combinations
• Financial Instruments
• Revaluations
• Foreign Currency
• Share based payments
• Pension schemes
• Impairment of assets
• Transitional rules
• The IRE (Initial recognition exemptionInternal controls

Key Learning Outcomes

Participants will be better equipped to ensure compliance with the requirements of the Irish Companies Acts accounting framework based under IAS 12.