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In depth A look at current financial reporting issues - PwC
https://www.pwc.com/gx/en/audit-services/ifrs/publications/ifrs-tax-accounting-effects-of-the-us-tax-reform.pdf#:~:text=IFRS%20requires%20the%20remeasurement%20of%20deferred%20taxes%20to,can%20be%20used%20to%20reflect%20an%20entity%E2%80%99s%20circumstances.
Income taxes: Top 10 differences between IFRS and US …
https://advisory.kpmg.us/articles/2018/ias-12-vs-asc-740.html
This is referred to as ‘backwards-tracing’. Like IFRS, income tax related to items recognized outside profit or loss in the current period is itself recognized outside profit or loss. Unlike IFRS, subsequent changes are generally recognized in profit or loss – …
Income Taxes — Backwards Tracing - IAS Plus
https://www.iasplus.com/en/meeting-notes/iasb/2004/agenda_0409/agenda446
Backwards tracing is a slang term that refers to the process of remeasuring, in the current year, the after-tax amounts of gains and losses that …
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:
Top 5 Tax Accounting Differences Between GAAP and IFRS
https://www.linkedin.com/pulse/top-5-tax-accounting-differences-between-gaap-ifrs-neil-bass
The Effect of IFRS Implementation on Tax - The Tax Adviser
https://www.thetaxadviser.com/issues/2009/dec/theeffectofifrsimplementationontax.html
The exposure draft requires an entity to recognize any change to a tax asset or liability relating to an item accounted for in an earlier period in profit or loss, without any backward tracing. IFRS currently states that current and deferred tax should be charged or credited in other comprehensive income (OCI) or directly in equity if the tax relates to items that were credited …
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 consideration. The shares meet the definition of …
Checking for Forward and Backward Traceability in a …
https://qualityinspection.org/forward-backward-traceability/
Checking backward traceability – this is taking a finished product batch and tracing it, starting from the customer, back through the process including work in process, all the way to the batches of materials/components received from suppliers.
"Backwards tracing": An important step forward in
https://www.osborneclarke.com/insights/backwards-tracing-an-important-step-forward-in-tracing-funds-internationally
“backwards tracing”. In other words, the defendants argued that assets already held by a party cannot be identified as being the same assets (for the purposes of tracing) subsequently transferred to that party. If this was correct, then the last three transfers into the New York account could not be equated with
What is Forward & Backward Traceability? - IFSQN
https://www.ifsqn.com/forum/index.php/topic/20202-what-is-forward-backward-traceability/
Backward traceability - this is taking a finished product batch and tracing back from customer, back through the process including intermediate products/work in progress to batches of raw materials used. This is specific for the finished product batch. Regards, Tony SQF Code Edition 9 & FSMA Implementation Package for Food Manufacturers
A roadmap to comparing IFRS Standards and U.S. GAAP: …
https://www2.deloitte.com/us/en/pages/audit/articles/us-aers-a-comparison-of-ifrs-standards-and-us-gaap-bridging-the-differences.html
We are pleased to present A Roadmap to Comparing IFRS Standards and U.S. GAAP: Bridging the Differences, which explores some of the key differences between IFRS ® Standards and U.S. GAAP effective as of January 1, 2021, for public business entities that have a calendar-year annual reporting period. Over the years, these differences have decreased for some topics but …
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