Course content:
- Introduction to the concept of deferred tax and why we use it
- Deferred tax under UK GAAP
- General principles
- Permanent differences v timing differences
- Introductory examples
- Deferred tax under IFRS
- General principles
- Tax base of assets
- Tax base of liabilities
- Taxable temporary differences
- Deductible temporary differences
- Initial recognition exemption
- Recognition of deferred tax assets, including dealing with loss carryforwards
- Dealing with tax rate changes
- Tax reconciliations – identifying reconciling items
- Examples – deferred tax and tax reconciliations
- Capital allowances
- Research and development costs – SME relief and RDEC
- Investment properties
- Gains rolled over
- Voluntary revaluations
- Loan relationships and derivatives
- Consolidations and business combinations
- Defined benefit pension plans
- Share-based payments – differences between deferred tax recognition under UK GAAP and IFRS
- Presentation and disclosures – UK GAAP and IFRS
