Introduction
You'll learn the fundamentals of income tax accounting under IAS 12, including the distinction between current tax and deferred tax. This session covers how entities recognise tax expenses, manage tax liabilities and assets, and apply the accruals concept to match tax effects with their accounting treatment.
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In this lesson
- 0:00 Introduction to income taxes
- 0:19 Current and deferred tax explained
- 1:00 Recognising current tax in accounts
About this lesson
You'll explore deferred tax assets and liabilities, how they arise in specific situations and business combinations, and the disclosures required in financial statements. Understanding these principles is essential for Financial Reporting and Advanced Financial Reporting papers, where tax accounting forms a key part of preparing accurate financial statements.
Duration: 2m
Transcript
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