Income Taxes: Deferred Taxes under IAS 12

IAS 12, Income Taxes, applies to all entities subject to taxes based on income. The IFRS accounting guidance requires that the effects of income taxes, both current and deferred, be accounted for in the financial statements. Therefore, a good understanding of the accounting for income taxes is essential when preparing or auditing financial statements. This topic is covered in two eLearning courses, both of which are CPE eligible. 

The IAS 12 Overview course introduced IAS 12 and its objectives and scope. It focused on the accounting for current taxes, including uncertainty over income tax treatments. This course will focus on the accounting requirements for deferred taxes. Identification of temporary differences, measurement and recognition of deferred taxes, as well as determining whether an exemption from recognition applies, will be covered. 

Learning Objective(s): By the end of this course, you should be able to: 

• Recall how to recognize and measure deferred taxes
• Identify exceptions to deferred tax recognition
• Recognize common financial statement disclosures related to income taxes