Accounting for Deferred Tax: Applying FRS 12 in Real Life

09 March 2020, Monday

09.00AM - 05.00PM
Hotel Venue to be Advised

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Programme Synopsis

This workshop provides an overview of FRS 12 Income Taxes with practical examples and questions to help you understand the standard’s requirements in financial reporting.

Deferred Tax has always been a challenging area for both Practising and Non-Practising Accountants. To give you a solid foundation in FRS 12, the Trainer will explain the rationale for the tax base approach and complex requirements in the standard. Building on the concepts , detailed examples and questions are given to illustrate practical applications of the standard.

The Trainer will also share with you the common errors in deferred tax accounting so that you will avoid these pitfalls in real life.

Programme Outline

  • What is the objective of FRS 12?
  • What are income taxes?
  • What is the approach of FRS 12?
  • Recognition of current tax liabilities and current tax assets

Temporary differences
  • Why do we need to calculate deferred taxes?
  • What are temporary differences?
  • How do I calculate deferred tax?
  • Must a deferred tax liability always be recognised?
  • What is a tax base?
  • An example of how deferred tax liability is calculated
  • How does deferred tax affect assets carried at fair value?

Deferred tax in consolidated accounts
  • Fair value adjustments
  • Additional assets and liabilities that are recognized on consolidation
  • Initial recognition exceptions taken by the acquirer
  • Consolidation adjustments
  • Deferred tax asset arising from unrecognized tax losses of the acquire
  • Deferred tax asset arising from unrecognized tax losses of the acquirer
  • Investments in subsidiaries, associates and joint ventures

Deferred tax assets
  • What are deferred tax assets?
  • When is a deferred tax asset recognised?
  • What is the criteria in assessing the probability that taxable profit will be available?

Measurement issues
  • What tax rates should one use to measure current and deferred taxes?
  • What are the tax consequences of dividends?
  • In what situations is tax charged to equity instead of the income statement?

About the Presenter(s)/ Trainer(s)

Mr Sardool Singh
Adjunct Associate Professor, Department of Accounting
NUS Business School

Sardool is an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He has been lecturing for the past 20 years, and is a highly sought-after seminar leader in the areas of Financial Reporting Standards, Cash Flow Statements, Analysis of Financial Statements, Consolidation and other technical accounting topics. Sardool brings a commercial perspective to the understanding of complex Accounting Standards and simplifies the requirements of these Standards to enable the participants to have a clear understanding of the topic. Sardool is also the Chief Financial Officer of an investment company. Prior to his current appointment, he was the Group Financial Controller of a Singapore listed healthcare company. During his ten years in the healthcare industry, he was responsible for the entire Group financial functions and the IPOs of two subsidiaries on SESDAQ. He had also gained his working experience with KPMG Peat Marwick and a Japanese merchant bank.

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