Tax Accounting Unravelling the Mystery of Income Taxes.

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The book explains the essence of tax accounting and gives a detailed methodology to compute, determine and disclose the tax consequences in the financial statements of a company.

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Bakker, Anuschka
Otros Autores: van den Berg, Tjeerd, Janssen, Bart
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Amsterdam : IBFD, 2015.
Temas:
International financial reporting standards.
International financial reporting standards
Corporations > Taxation > Accounting.
Financial statements.
Tax accounting > Law and legislation.
Corporations > Taxation > Accounting
Financial statements
Tax accounting > Law and legislation
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Intro
  • Title Page
  • Copyright Page
  • Acknowledgements
  • Foreword
  • Table of Contents
  • Chapter 1: Introduction to Tax Accounting
  • 1.1. Introduction
  • 1.2. Importance of accounting for income taxes
  • 1.3. Primary tax accounting terminology
  • 1.4. How are income taxes accounted for?
  • 1.5. Other factors affecting tax reporting: Looking beyond the accounting requirements
  • 1.5.1. Introduction
  • 1.5.2. Non-regulatory pressure and other media coverage
  • 1.5.2.1. Introduction
  • 1.5.2.2. Corporate social responsibility
  • 1.5.2.3. Fair share
  • 1.5.2.3.1. Publish What You Pay
  • 1.5.2.3.2. Non-governmental organizations
  • 1.5.3. Regulatory changes and proposals
  • 1.5.3.1. Introduction
  • 1.5.3.2. Country-by-country reporting
  • 1.5.3.2.1. The Extractive Industries Transparency Initiative
  • 1.5.3.2.2. The US Dodd-Frank Act
  • 1.5.3.2.3. EU directive on accounting and transparency
  • 1.5.3.2.4. EU Capital Requirements Directive
  • 1.5.3.2.5. OECD Guidelines
  • 1.5.4. Conclusion
  • 1.6. International Financial Reporting Standards
  • 1.6.1. Introduction
  • 1.6.2. Why are International Financial Reporting Standards developed?
  • 1.6.3. The convergence project
  • 1.6.4. What is the IASB?
  • 1.6.5. The Board
  • 1.6.6. IFRS Foundation
  • 1.6.7. IFRS Foundation trustees
  • 1.6.8. IFRS Foundation monitoring board
  • 1.6.9. IFRS advisory council
  • 1.6.10. IFRS Interpretations Committee
  • 1.6.11. Accounting Standards Advisory Forum
  • 1.6.12. Financial reporting standards
  • 1.6.12.1. Introduction
  • 1.6.12.2. The due process of IFRS
  • 1.6.12.3. The due process of IFRIC interpretations
  • 1.6.13. Conclusion
  • Chapter 2: Definition of Income Taxes
  • 2.1. Scope of IAS 12
  • 2.2. Income taxes in the statements and analysis
  • 2.3. Income taxes
  • 2.4. Specific forms of taxation
  • 2.4.1. Income tax
  • 2.4.2. Withholding tax.
  • 2.4.3. Business tax
  • 2.4.4. Tonnage tax
  • 2.4.5. Mining tax
  • 2.4.6. Interest payments and penalties
  • 2.4.7. Alternative minimum taxes
  • 2.4.8. Tax on value added
  • 2.4.9. Tax beyond the scope of IAS 12
  • 2.5. Differences between IFRS and US GAAP
  • Chapter 3: Book-to-Tax Differences: Permanent and Temporary
  • 3.1. Introduction
  • 3.2. Tax returns and financial statements
  • 3.3. Adjustment of profit for tax purposes and the performance statements
  • 3.4. Reconciliation of IFRS, national GAAP and group accounts
  • 3.5. Manner of recovery of assets
  • Chapter 4: Current Tax and Prior Year Adjustments
  • 4.1. Introduction
  • 4.2. The process
  • 4.3. Calculate current tax for the year
  • 4.3.1. Calculate taxable income for the year
  • 4.3.2. Tax rates
  • 4.3.3. Tax incentives
  • 4.3.4. Uncertain tax positions
  • 4.3.5. Tax loss carry-back claims
  • 4.4. Calculate any prior year adjustments
  • 4.4.1. Prior year adjustments
  • 4.4.2. Change in accounting estimate vs. error
  • 4.5. Reconcile tax accounts
  • 4.5.1. Introduction
  • 4.5.2. Balance sheet classification
  • 4.5.3. Discounting
  • 4.6. Conclusion
  • Chapter 5: Deferred Taxes
  • 5.1. Introduction
  • 5.2. Overview of deferred tax assets and liabilities
  • 5.2.1. Recognition
  • 5.2.2. Measurement
  • 5.2.3. Presentation
  • 5.3. Practical approach to calculating deferred tax
  • 5.4. Basic principles of carrying amount
  • 5.5. Tax base as the basis for calculating deferred tax
  • 5.5.1. Tax base of an asset
  • 5.5.2. Tax base of a liability
  • 5.5.3. Tax base of revenue received in advance
  • 5.5.4. Uncertainty in determining the tax base
  • 5.6. Tax base without a carrying amount
  • 5.7. Calculate the temporary differences
  • 5.7.1. Temporary difference
  • 5.7.2. Taxable temporary differences
  • 5.7.2.1. Assets
  • 5.7.2.2. Liabilities.
  • 5.7.2.3. Other examples of taxable temporary differences
  • 5.7.3. Deductible temporary differences
  • 5.7.3.1. Assets
  • 5.7.3.2. Liabilities
  • 5.7.3.3. Other examples of deductible temporary differences
  • 5.7.4. Other examples of temporary differences
  • 5.8. Recognition criteria and initial recognition exemptions
  • 5.8.1. Initial recognition exemption
  • 5.8.2. Initial recognition of goodwill exempted from deferred tax
  • 5.8.3. Exemption from recognizing outside basis deferred tax
  • 5.8.4. Exemption from recognition of deferred tax assets
  • 5.9. Manner of expected recovery
  • 5.9.1. Substantively enacted tax rates
  • 5.9.2. Tax rates based on manner of recovery
  • 5.9.3. Recovery of investment property
  • 5.9.4. Different tax rates for levels of taxable profit
  • 5.10. Reconcile movements in deferred tax balances
  • 5.10.1. Disclosure of deferred tax movements
  • 5.10.2. Accounting for a deferred tax movement
  • 5.10.2.1. Deferred tax movements in the income statement
  • 5.10.2.2. Deferred tax movements in other comprehensive income
  • 5.10.2.3. Deferred tax movements in equity
  • 5.10.3. Disallowance of discounting
  • 5.10.4. Deferred tax on capital losses
  • 5.11. Practical issues
  • 5.11.1. Investment tax credits
  • 5.11.2. Deferred tax on compound financial instruments
  • 5.11.3. Divestments: Rollover relief
  • 5.11.4. Intra-group transactions
  • Chapter 6: Deferred Tax Asset Recognition
  • 6.1. Introduction
  • 6.2. Deferred tax assets
  • 6.2.1. Relevant deferred tax assets and GAAPs
  • 6.2.2. Recognizing a deferred tax asset
  • 6.3. Deferred tax assets on unused tax losses and credits
  • 6.3.1. Background
  • 6.3.2. The threshold: "Probable"
  • 6.3.3. History of recent losses
  • 6.3.4. Convincing other evidence
  • 6.3.5. Specific tax regimes
  • 6.4. Tax rate to be used
  • 6.5. Discounting
  • 6.6. Netting
  • Chapter 7: Tax Exposures.
  • 7.1. Introduction
  • 7.2. Basic theory and technical guidance
  • 7.2.1. Identification of uncertain tax positions
  • 7.2.2. Assessing probability (recognition)
  • 7.2.2.1. Evidence to support recognition
  • 7.2.2.1.1. Detection risk
  • 7.2.2.1.2. Tax opinions and external evidence
  • 7.2.2.1.3. Recognizing uncertainties related to valuation
  • 7.2.3. Measuring risk
  • 7.2.3.1. Measurement under US GAAP
  • 7.2.3.2. Measurement under IFRS
  • 7.2.3.3. Examples of US GAAP and IFRS recognition and measurement
  • 7.2.3.3.1. Example of transfer pricing uncertain tax position
  • 7.2.3.3.2. Binary tax position
  • 7.2.4. Subsequent events
  • 7.2.5. Effective settlement
  • 7.2.6. Interest and penalties
  • 7.2.6.1. Accounting policy election under US GAAP
  • 7.2.6.2. Accounting policy election under IFRS
  • 7.2.7. Financial statement disclosures
  • 7.2.7.1. Reporting under US GAAP
  • 7.2.7.1.1. Balance sheet classification
  • 7.2.7.1.2. Disclosures reported at gross vs. net
  • 7.2.7.1.3. Annual disclosures under US GAAP
  • 7.2.7.1.3.1. Accounting policy on classification of interest and penalties
  • 7.2.7.1.3.2. Total amount of interest and penalties recognized in the income statement and balance sheet
  • 7.2.7.1.3.3. Reasonably possible significant changes expected within 12 months
  • 7.2.7.1.3.4. Tax years still subject to examination by a major tax jurisdiction
  • 7.2.7.1.3.5. Amount that would affect the effective tax rate
  • 7.2.7.1.3.6. The gross tabular reconciliation of unrecognized tax benefits
  • 7.2.7.2. Reporting under IFRS
  • 7.3. Conclusion
  • Chapter 8: Disclosure Notes
  • 8.1. Introduction
  • 8.2. Presentation versus disclosure
  • 8.3. Presentation and disclosure requirements IAS 12
  • 8.3.1. Introduction
  • 8.3.2. Presentation
  • 8.3.2.1. Offsetting current taxes
  • 8.3.2.2. Offsetting deferred taxes
  • 8.3.2.3. Tax expense.
  • 8.3.2.4. Exchange differences on deferred foreign tax liabilities or assets
  • 8.3.3. Disclosure
  • 8.3.3.1. Total tax expense (income)
  • 8.3.3.2. Effective tax rate reconciliation
  • 8.3.3.3. Tax rates
  • 8.3.3.4. Tax via equity and other comprehensive income
  • 8.3.3.5. Overview of tax losses/non-recognized deferred tax assets
  • 8.3.3.6. Investments in subsidiaries, branches and associates and interests in joint arrangements
  • 8.3.3.7. Deferred taxes
  • 8.3.3.8. Discontinued operations
  • 8.3.3.9. Income tax consequences of dividends
  • 8.3.3.10. Business combinations
  • 8.3.3.11. Future taxable income
  • 8.3.3.12. Tax contingencies and events after the reporting period
  • 8.4. Non-IAS 12 presentation and disclosure requirements
  • 8.4.1. Introduction
  • 8.4.2. IAS 1: Presentation of financial statements
  • 8.4.3. IAS 7: Statement of cash flows
  • 8.4.4. IAS 10: Events after the reporting period
  • 8.4.5. IFRS 3: Business Combinations
  • 8.4.6. IFRS 8: Operating Segments
  • 8.5. Conclusion
  • Chapter 9: Special Items
  • 9.1. Introduction
  • 9.2. Initial recognition
  • 9.2.1. General rule of initial recognition
  • 9.2.2. Mergers
  • 9.2.3. Assets carried at fair value
  • 9.2.4. Change in tax status of the entity
  • 9.2.5. Migration of an entity
  • 9.2.6. Subsequent changes in value: Impact on the initial recognition exemption
  • 9.3. Outside basis differences
  • 9.3.1. What is an outside basis difference?
  • 9.3.2. Calculating deferred taxes on outside basis differences
  • 9.3.2.1. Impact of local legal requirements
  • 9.3.2.2. Impact of local tax treatment of the shareholder
  • 9.3.2.3. Impact of tax treaties
  • 9.3.3. Deferred tax assets in relation to unremitted retained earnings
  • 9.3.3.1. Withholding taxes and deferred tax assets on unremitted retained earnings.

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