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IFRS Viewpoint - Grant Thornton International Ltd. Home
https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-8---consequences-of-the-us-tax-reform.pdf#:~:text=Backwards%20tracing%20Under%20IAS%2012%2C%20current%20tax%20and,or%20loss%20%28a%20process%20known%20as%20%E2%80%98backwards%20tracing%E2%80%99%29.
Income Taxes — Backwards Tracing - IAS Plus
https://www.iasplus.com/en/meeting-notes/iasb/2004/agenda_0409/agenda446
As part of the short-term convergence project, the IASB and FASB have been considering differences between IAS 12 Income Taxes and FASB Statement 109 Accounting for Income Taxes, and developing tentative conclusions with the goal of achieving convergence on these two standards.One of the issues that is being considered as part of this project is the …
Income taxes: Top 10 differences between IFRS and US …
https://advisory.kpmg.us/articles/2018/ias-12-vs-asc-740.html
While using the same principles, accounting for income tax under IAS 12 has differences from ASC 740. Careers Alumni Media Social About Contact × ...
IAS 12 — Income Taxes
https://www.iasplus.com/en/standards/ias/ias12
IAS 12 implements a so-called 'comprehensive balance sheet method' of accounting for income taxes, which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying …
Topic 206 - Income taxes - BDO
https://www.bdo.global/en-gb/microsites/ifrs/resource-library-1/topic206
This is sometimes referred to as ‘backwards tracing’ as IAS 12 requires an entity to trace the origins of tax and record the tax effect in the same way as the underlying event or transaction. How is the tax effect of a transaction recognised directly in equity recorded? Analysis: Entity A issues common shares and receives CU100 of ...
IFRS - IAS 12 Income Taxes
https://www.ifrs.org/issued-standards/list-of-standards/ias-12-income-taxes/
IAS 12 prescribes the accounting treatment for income taxes. Income taxes include all domestic and foreign taxes that are based on taxable profits. Current tax for current and prior periods is, to the extent that it is unpaid, recognised as a liability. Overpayment of current tax is recognised as an asset. Current tax liabilities (assets) for ...
IFRS Viewpoint - Grant Thornton International Ltd.
https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-8---consequences-of-the-us-tax-reform.pdf
Backwards tracing Under IAS 12, current tax and deferred tax must be recognised outside profit or loss if the tax relates to items that are recognised outside profit or loss (a process known as ‘backwards tracing’). Therefore, current tax and deferred tax that relates to items that are recognised, in the same or a different period:
The Effect of IFRS Implementation on Tax - The Tax Adviser
https://www.thetaxadviser.com/issues/2009/dec/theeffectofifrsimplementationontax.html
The IASB has issued an exposure draft of a new standard on income tax to replace IAS 12, the IFRS equivalent of FAS 109, that reduces the differences between IFRS and GAAP in accounting for income taxes. ... Backward tracing refers to the current treatment under IAS 12 where subsequent changes to those amounts are also allocated to OCI or ...
IFRS: Income Tax | Mchowdhry's Blog - WordPress.com
https://mchowdhry.wordpress.com/2009/05/26/ifrs-income-tax/
The current IAS 12 uses a method called backward tracing to allocate the tax benefit or expense. The model requires that tax benefits or expenses out side of continuing operation to be allocated to the same place where the pre tax item was initially recorded. Observation: In principal the FAS 109 approach is similar to IAS 12 however the FAS ...
IFRS Tax Accounting Seminar - assets.kpmg
https://assets.kpmg/content/dam/kpmg/nl/pdf/2019/advisory/ifrs-tax-accounting-seminar-nov-dec-2019.pdf
Previous lack of guidance in IAS 12 resulted in diversity in practice. Determine if, when and how a tax uncertainty should be reflected in the financial statements. ... Recognising current and deferred tax –Backward Tracing CIT Rates Current and deferred tax is recognised consistently with the underlying transaction or event to which it relates
IFRS news - PwC
https://www.pwc.com/cz/en/ucetnictvi/ifrs/news/ifrs-news-october-2012.pdf
required by IAS 12? (i) The amount of each type of deferred tax asset and liability (for example, tax losses or accelerated tax depreciation). (ii) The amount of unused tax losses for which no deferred tax asset is recognised. (iii) The amount of undistributed profits of subsidiaries, associates or joint ventures for which no deferred tax
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