This course provides guidance on the impacts of tax rate changes on tax accounting calculations. The course summarises how any changes should be recognised in the Financial Statements and the timing of disclosures and recognition. This course covers the approach under both IFRS and US GAAP.
The course begins with an introductory video and is then divided into four chapters:
- Measuring Current and Deferred Tax Balances – This chapter considers the timing of recognition of the rate change; the disclosure required in the Financial Statements; the effect of rate changes on tax balances and the differences between the legislative processes in different countries
- Accounting for Changes in Tax Rates – This chapter considers some of the complexities in accounting for the change in tax rates by the use of examples
- Recognition of Changes in Tax Rates – This chapter explains where and when the impact of the rate change should be recognised within the Financial Statements
- Case Study – The final chapter consists of a case study example of a rate change and the subsequent tax accounting implications
The course concludes with a ‘Check Your Understanding’ section which allows the learner to test the concepts learned throughout the course and put his or her learning into practice.
This course is suitable for tax specialists who:
- Have a good understanding of the fundamentals of accounting for income taxes in accordance with the IAS 12 and wish to develop their knowledge further
- Would like to expand or refresh their knowledge of tax rate changes perhaps ahead of reporting deadlines or events
- Work in a Group Tax function and have income tax reporting responsibilities
- Work elsewhere in the business, but have responsibility for reporting local entity tax results to Group Tax for inclusion in the consolidated financial statements
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