Accounting for income tax is challenging and is often outsourced to other professionals. As accountants and auditors, our responsibilities in the area are not absolved.
Time to recap on the basic requirements of AASB 112 Income Taxes, interpretations (uncertain tax positions and tax consolidation) and ethical rules that apply when undertaking and auditing taxation calculations.
The session looks at:
- Basic principles underpinning AASB 112 – tax base, temporary differences, measurement rules
- Recognition of current/deferred tax assets and liabilities
- Unused tax losses and unused tax credits
- Relationship with business combinations and share-based payments standards
- Presentation and disclosure
- The many AASB interpretations of AASB 112, and
- Ethical rules applying to auditors.
