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Dissecting the Complexities in Computing Deferred Tax

A Practical Approach using Excel Spreadsheets

Expert Speaker Oh Ai Sim

MYR901.00 (including SST)

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Overview

Taxes deals with the disclosures of current tax and MFRS 112 Income deferred tax.  It sets out the concept of deferred tax and how to account for deferred tax.  Deferred tax arises because of accounting mismatch between taxable profits and accounting profits.

Participants will be guided step-by-step from understanding the concepts and application of the concepts set out in MFRS 112 to the completion of a deferred tax worksheet.  The guided approach is very important as it builds the foundation to deferred tax accounting and with this knowledge, participants will be able to confidently apply MFRS 112 in practice.

What You Will Learn

  • Get a practical understanding of the concepts and application of MFRS 112 Income Taxes
  • Gain a solid foundation in deferred tax accounting with the step-by-step guidance using excel spreadsheets
  • Be more confident in applying MFRS 112 Income Taxes in your workplace

Programme Outline

Understanding Deferred Tax

  • Updates on MFRS 112

  • Conceptual Framework of MFRS 112
    • Balance sheet liability method
    • Timing and temporary differences
    • Current and future tax consequences
    • Manner of recovery

  • Current Tax Accounting
    • Withholding taxes
    • Uncertain tax positions
    • Presentation and disclosure of current tax

Dissecting the Complexities in Computing Deferred Tax (using excel worksheet)

  • The starting point
  • Concept of tax base
  • How to derive the tax base of an asset
  • How to derive the tax base of a liability
  • Definition of tax base of a liability
  • Implication of temporary differences
  • How to apply the exception rule
  • How to determine the tax rate
  • How to apply the offsetting rules
  • Performing a simple tax reconciliation
  • Performing a deferred tax proof
  • Performing group tax reconciliation

Additional exercises

  • Impact on deferred tax under differing methods of capital allowances claim, payment by cash or by hire-purchase financing assets
  • Impact of deferred tax for investment properties carried at fair value
  • Impact of government grants and decommissioning provisions
  • Impact of deferred tax on MFRS 16 Leases
  • Impact of controlled transfer

Participants are encouraged to bring along their laptops (equipped with Excel Spreadsheets) for the exercises and worked examples. Participants without the use of laptops can still benefit from this session, and will be issued with hard copies of the exercises to facilitate learning.

Expert Speaker

Oh Ai Sim

Ai Sim has over 20 years of audit related experience with a big four accounting firm. Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She conducts training regularly on FRS and audit related topics.

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