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Tax Accounting : Unravelling the Mystery of Income Taxes (Second Revised Edition).

By: Bakker, Anuschka.
Contributor(s): van den Berg, Tjeerd.
Material type: materialTypeLabelBookPublisher: Amsterdam : IBFD Publications USA, Incorporated, 2020Copyright date: �2020Edition: 1st ed.Description: 1 online resource (552 pages).Content type: text Media type: computer Carrier type: online resourceISBN: 9789087226541.Genre/Form: Electronic books.Online resources: Click to View
Contents:
Intro -- Cover -- Title Page -- Copyright Page -- Foreword -- Table of Contents -- Chapter 1: Introduction to Tax Accounting -- 1.1. Introduction -- 1.2. Importance of accounting for income taxes -- 1.3. Primary tax accounting terminology -- 1.4. How are income taxes accounted for? -- 1.5. Other factors affecting tax reporting: Looking beyond the accounting requirements -- 1.5.1. Introduction -- 1.5.2. Fair share of taxes, non-financial reporting and pressure from investors -- 1.5.2.1. Publish What You Pay -- 1.5.2.2. Work by non-governmental organizations -- 1.5.2.3. The alphabet soup -- 1.5.2.4. The GRI standard on tax and payments to governments -- 1.5.2.5. The UN Principles for Responsible Investment -- 1.5.3. Regulatory industry, country-by-country and other reporting requirements -- 1.5.3.1. The Extractive Industries Transparency Initiative -- 1.5.3.2. US development in CbC reporting -- 1.5.3.2.1. Proposed update from FASB to income tax disclosures -- 1.5.3.2.2. International exchange of CbC reports -- 1.5.3.2.3. Recent developments in the United States -- 1.5.3.3. Relevant EU directives -- 1.5.3.3.1. EU Directives on Accounting and Transparency -- 1.5.3.3.2. EU Capital Requirements Directive -- 1.5.3.3.3. European Non-Financial Reporting Directive -- 1.5.3.3.4. European Directive on Mandatory Disclosure Rules (DAC6) -- 1.5.3.4. Transfer pricing documentation under the OECD Guidelines -- 1.5.4. Conclusion -- 1.6. International Financial Reporting Standards -- 1.6.1. Introduction -- 1.6.2. Why are International Financial Reporting Standards developed? -- 1.6.3. The convergence project -- 1.6.4. The structure of the IFRS Foundation -- 1.6.4.1. The Board -- 1.6.4.2. IFRS Foundation -- 1.6.4.3. IFRS Foundation trustees -- 1.6.4.4. IFRS Foundation monitoring board -- 1.6.4.5. IFRS advisory council -- 1.6.4.6. IFRS Interpretations Committee.
1.6.4.7. Accounting Standards Advisory Forum -- 1.6.5. Financial reporting standards -- 1.6.5.1. Introduction -- 1.6.5.2. The due process of IFRS -- 1.6.5.3. The due process of IFRIC interpretations -- 1.6.6. Conclusion -- Chapter 2: Definition of Income Taxes -- 2.1. Introduction -- 2.2. Scope of IAS 12 -- 2.3. Income taxes in the statements and analysis -- 2.4. Income taxes -- 2.5. Specific forms of taxation -- 2.5.1. Income tax -- 2.5.2. Withholding tax -- 2.5.3. Business tax -- 2.5.4. Tonnage tax -- 2.5.5. Mining tax -- 2.5.6. Interest payments and penalties -- 2.5.7. Alternative minimum taxes -- 2.5.8. Tax on value added -- 2.5.9. Taxes beyond the scope of IAS 12 -- 2.5.10. Digital services taxes -- 2.6. Differences between IFRS and US GAAP -- 2.7. Developments with respect to COVID-19 -- Chapter 3: Book-to-Tax Differences: Permanent and Temporary -- 3.1. Introduction -- 3.2. Tax returns and reconciliation of financial statements -- 3.3. Adjustment of profit for tax purposes and the performance statements -- 3.4. Recovery of assets and settlement of liabilities -- 3.5. Impact of COVID-19 on IFRS reporting and deferred tax calculation -- 3.6. Frequently asked questions -- Chapter 4: Current Tax and Prior Year Adjustments -- 4.1. Introduction -- 4.2. The process -- 4.3. Calculate current tax for the year -- 4.3.1. Calculate taxable income for the year -- 4.3.1.1. Recognition of current tax liabilities and current tax assets -- 4.3.2. Tax rates -- 4.3.3. Tax incentives -- 4.3.4. Uncertain tax positions -- 4.3.5. Tax loss carry-back claims -- 4.4. Calculate any prior year adjustments -- 4.4.1 Prior year adjustments -- 4.4.2. Change in accounting estimate vs. error -- 4.5. Reconcile tax accounts -- 4.5.1. Introduction -- 4.5.2. Balance sheet classification -- 4.5.3. Discounting -- 4.6. Conclusion -- Chapter 5: Deferred Taxes -- 5.1. Introduction.
5.2. Origin of deferred tax assets -- 5.3. Overview of deferred tax assets and liabilities -- 5.3.1. Recognition -- 5.3.2. Measurement -- 5.3.3. Presentation -- 5.4. Practical approach to calculating deferred tax -- 5.5. Basic principles of carrying amount -- 5.6. Tax base as the basis for calculating deferred tax -- 5.6.1. Tax base of an asset -- 5.6.2. Tax base of a liability -- 5.6.3. Tax base of revenue received in advance -- 5.6.4. Uncertainty in determining the tax base -- 5.7. Tax base without a carrying amount -- 5.8. Calculate the temporary differences -- 5.8.1. Temporary difference -- 5.8.2. Taxable temporary differences -- 5.8.2.1. Assets -- 5.8.2.2. Liabilities -- 5.8.2.3. Other examples of taxable temporary differences -- 5.8.3. Deductible temporary differences -- 5.8.3.1. Assets -- 5.8.3.2. Liabilities -- 5.8.3.3. Other examples of deductible temporary differences -- 5.8.4. Other examples of temporary differences -- 5.9. Recognition criteria and initial recognition exemptions -- 5.9.1. Initial recognition exemption -- 5.9.2. Initial recognition of goodwill exempted from deferred tax -- 5.9.3. Exemption from recognizing outside basis deferred tax -- 5.9.4. Exemption from recognition of deferred tax assets -- 5.10. Manner of expected recovery -- 5.10.1. Substantively enacted tax rates -- 5.10.2. Tax rates based on manner of recovery -- 5.10.3. Recovery of investment property -- 5.10.4. Different tax rates for levels of taxable profit -- 5.11. Reconcile movements in deferred tax balances -- 5.11.1. Disclosure of deferred tax movements -- 5.11.2. Accounting for a deferred tax movement -- 5.11.2.1. Deferred tax movements in the income statement -- 5.11.2.2. Deferred tax movements in other comprehensive income -- 5.11.2.3. Deferred tax movements in equity -- 5.11.3. Disallowance of discounting -- 5.11.4. Deferred tax on capital losses.
5.12. Practical issues -- 5.12.1. Investment tax credits -- 5.12.2. Deferred tax on compound financial instruments -- 5.12.3. Divestments: Rollover relief -- 5.12.4. Intra-group transactions -- 5.12.5. Tax consideration during uncertain times (COVID-19) -- Chapter 6: Deferred Tax Asset Recognition -- 6.1. Introduction -- 6.2. Deferred tax assets -- 6.2.1. Relevant deferred tax assets and GAAPs -- 6.2.2. Recognizing a deferred tax asset -- 6.3. Deferred tax assets on unused tax losses and credits -- 6.3.1. Background -- 6.3.2. The threshold: "Probable" -- 6.3.3. History of recent losses -- 6.3.4. Convincing other evidence -- 6.3.5. Specific tax regimes -- 6.4. Tax rate to be used -- 6.5. Discounting -- 6.6. Netting -- 6.7. The impact of the COVID-19 virus outbreak on the recognition of deferred tax assets as examples of non-recurrent events that still carry significant uncertainty to the future -- 6.8. Simplified checklist for deferred tax assets recognition -- 6.9. Frequently Asked Questions -- Chapter 7: Tax Exposures -- 7.1. Introduction -- 7.2. Basic theory and technical guidance -- 7.2.1. Identification of uncertain tax treatments -- 7.2.1.1. What are uncertain tax treatments? -- 7.2.1.2. To consider uncertain tax treatments separately or together (determine unit of account) -- 7.2.2. Recognition -- 7.2.2.1. Evidence to support recognition -- 7.2.2.2. Detection risk -- 7.2.2.3. Tax opinions -- 7.2.2.4. Uncertainties related to valuation -- 7.2.2.5. Temporary differences -- 7.2.3. Measurement -- 7.2.3.1. Measurement under IFRS - Expected value method -- 7.2.3.2. Measurement under IFRS - Most likely amount method -- 7.2.3.3. Measurement under US GAAP -- 7.2.3.4. Examples of US GAAP and IFRS recognition and measurement -- 7.2.3.4.1. Example of transfer pricing-related uncertain tax position -- 7.2.3.4.2. Binary tax position.
7.2.4. Subsequent events -- 7.2.5. Effective settlement and statute of limitations -- 7.2.6. Interest and penalties -- 7.2.6.1. Accounting policy election under US GAAP -- 7.2.6.2. Judgement under IFRS -- 7.2.7. Presentation in the statement of financial position -- 7.2.8. Financial statements disclosures -- 7.3. Conclusion -- Chapter 8: Disclosure Notes -- 8.1. Introduction -- 8.2. Presentation versus disclosure -- 8.3. Presentation and disclosure requirements IAS 12 -- 8.3.1. Introduction -- 8.3.2. Presentation -- 8.3.2.1. Offsetting current taxes -- 8.3.2.2. Offsetting deferred taxes -- 8.3.2.3. Tax expense -- 8.3.2.4. Exchange differences on deferred foreign tax liabilities or assets -- 8.3.3. Disclosure -- 8.3.3.1. Total tax expense (income) -- 8.3.3.2. Effective tax rate reconciliation -- 8.3.3.3. Tax rates -- 8.3.3.4. Tax via equity and other comprehensive income -- 8.3.3.5. Overview of tax losses/non-recognized deferred tax assets -- 8.3.3.6. Investments in subsidiaries, branches and associates and interests in joint arrangements -- 8.3.3.7. Deferred taxes -- 8.3.3.8. Discontinued operations -- 8.3.3.9. Income tax consequences of dividends -- 8.3.3.10. Business combinations -- 8.3.3.11. Future taxable income -- 8.3.3.12. Tax contingencies and events after the reporting period -- 8.4. Non-IAS 12 presentation and disclosure requirements -- 8.4.1. Introduction -- 8.4.2. IAS 1: Presentation of financial statements -- 8.4.3. IAS 7: Statement of cash flows -- 8.4.4. IAS 10: Events after the reporting period -- 8.4.5. IFRS 3: Business Combinations -- 8.4.6. IFRS 8: Operating Segments -- 8.5. Conclusion -- Chapter 9: Special Items -- 9.1. Introduction -- 9.2. Initial recognition -- 9.2.1. General rule of initial recognition -- 9.2.2. Mergers -- 9.2.3. Assets carried at fair value -- 9.2.4. Change in tax status of the entity.
9.2.5. Migration of an entity.
Summary: Explaining the essence of tax accounting, this book provides a detailed methodology to compute, determine and disclose the tax consequences in the financial statements of a company.
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Intro -- Cover -- Title Page -- Copyright Page -- Foreword -- Table of Contents -- Chapter 1: Introduction to Tax Accounting -- 1.1. Introduction -- 1.2. Importance of accounting for income taxes -- 1.3. Primary tax accounting terminology -- 1.4. How are income taxes accounted for? -- 1.5. Other factors affecting tax reporting: Looking beyond the accounting requirements -- 1.5.1. Introduction -- 1.5.2. Fair share of taxes, non-financial reporting and pressure from investors -- 1.5.2.1. Publish What You Pay -- 1.5.2.2. Work by non-governmental organizations -- 1.5.2.3. The alphabet soup -- 1.5.2.4. The GRI standard on tax and payments to governments -- 1.5.2.5. The UN Principles for Responsible Investment -- 1.5.3. Regulatory industry, country-by-country and other reporting requirements -- 1.5.3.1. The Extractive Industries Transparency Initiative -- 1.5.3.2. US development in CbC reporting -- 1.5.3.2.1. Proposed update from FASB to income tax disclosures -- 1.5.3.2.2. International exchange of CbC reports -- 1.5.3.2.3. Recent developments in the United States -- 1.5.3.3. Relevant EU directives -- 1.5.3.3.1. EU Directives on Accounting and Transparency -- 1.5.3.3.2. EU Capital Requirements Directive -- 1.5.3.3.3. European Non-Financial Reporting Directive -- 1.5.3.3.4. European Directive on Mandatory Disclosure Rules (DAC6) -- 1.5.3.4. Transfer pricing documentation under the OECD Guidelines -- 1.5.4. Conclusion -- 1.6. International Financial Reporting Standards -- 1.6.1. Introduction -- 1.6.2. Why are International Financial Reporting Standards developed? -- 1.6.3. The convergence project -- 1.6.4. The structure of the IFRS Foundation -- 1.6.4.1. The Board -- 1.6.4.2. IFRS Foundation -- 1.6.4.3. IFRS Foundation trustees -- 1.6.4.4. IFRS Foundation monitoring board -- 1.6.4.5. IFRS advisory council -- 1.6.4.6. IFRS Interpretations Committee.

1.6.4.7. Accounting Standards Advisory Forum -- 1.6.5. Financial reporting standards -- 1.6.5.1. Introduction -- 1.6.5.2. The due process of IFRS -- 1.6.5.3. The due process of IFRIC interpretations -- 1.6.6. Conclusion -- Chapter 2: Definition of Income Taxes -- 2.1. Introduction -- 2.2. Scope of IAS 12 -- 2.3. Income taxes in the statements and analysis -- 2.4. Income taxes -- 2.5. Specific forms of taxation -- 2.5.1. Income tax -- 2.5.2. Withholding tax -- 2.5.3. Business tax -- 2.5.4. Tonnage tax -- 2.5.5. Mining tax -- 2.5.6. Interest payments and penalties -- 2.5.7. Alternative minimum taxes -- 2.5.8. Tax on value added -- 2.5.9. Taxes beyond the scope of IAS 12 -- 2.5.10. Digital services taxes -- 2.6. Differences between IFRS and US GAAP -- 2.7. Developments with respect to COVID-19 -- Chapter 3: Book-to-Tax Differences: Permanent and Temporary -- 3.1. Introduction -- 3.2. Tax returns and reconciliation of financial statements -- 3.3. Adjustment of profit for tax purposes and the performance statements -- 3.4. Recovery of assets and settlement of liabilities -- 3.5. Impact of COVID-19 on IFRS reporting and deferred tax calculation -- 3.6. Frequently asked questions -- Chapter 4: Current Tax and Prior Year Adjustments -- 4.1. Introduction -- 4.2. The process -- 4.3. Calculate current tax for the year -- 4.3.1. Calculate taxable income for the year -- 4.3.1.1. Recognition of current tax liabilities and current tax assets -- 4.3.2. Tax rates -- 4.3.3. Tax incentives -- 4.3.4. Uncertain tax positions -- 4.3.5. Tax loss carry-back claims -- 4.4. Calculate any prior year adjustments -- 4.4.1 Prior year adjustments -- 4.4.2. Change in accounting estimate vs. error -- 4.5. Reconcile tax accounts -- 4.5.1. Introduction -- 4.5.2. Balance sheet classification -- 4.5.3. Discounting -- 4.6. Conclusion -- Chapter 5: Deferred Taxes -- 5.1. Introduction.

5.2. Origin of deferred tax assets -- 5.3. Overview of deferred tax assets and liabilities -- 5.3.1. Recognition -- 5.3.2. Measurement -- 5.3.3. Presentation -- 5.4. Practical approach to calculating deferred tax -- 5.5. Basic principles of carrying amount -- 5.6. Tax base as the basis for calculating deferred tax -- 5.6.1. Tax base of an asset -- 5.6.2. Tax base of a liability -- 5.6.3. Tax base of revenue received in advance -- 5.6.4. Uncertainty in determining the tax base -- 5.7. Tax base without a carrying amount -- 5.8. Calculate the temporary differences -- 5.8.1. Temporary difference -- 5.8.2. Taxable temporary differences -- 5.8.2.1. Assets -- 5.8.2.2. Liabilities -- 5.8.2.3. Other examples of taxable temporary differences -- 5.8.3. Deductible temporary differences -- 5.8.3.1. Assets -- 5.8.3.2. Liabilities -- 5.8.3.3. Other examples of deductible temporary differences -- 5.8.4. Other examples of temporary differences -- 5.9. Recognition criteria and initial recognition exemptions -- 5.9.1. Initial recognition exemption -- 5.9.2. Initial recognition of goodwill exempted from deferred tax -- 5.9.3. Exemption from recognizing outside basis deferred tax -- 5.9.4. Exemption from recognition of deferred tax assets -- 5.10. Manner of expected recovery -- 5.10.1. Substantively enacted tax rates -- 5.10.2. Tax rates based on manner of recovery -- 5.10.3. Recovery of investment property -- 5.10.4. Different tax rates for levels of taxable profit -- 5.11. Reconcile movements in deferred tax balances -- 5.11.1. Disclosure of deferred tax movements -- 5.11.2. Accounting for a deferred tax movement -- 5.11.2.1. Deferred tax movements in the income statement -- 5.11.2.2. Deferred tax movements in other comprehensive income -- 5.11.2.3. Deferred tax movements in equity -- 5.11.3. Disallowance of discounting -- 5.11.4. Deferred tax on capital losses.

5.12. Practical issues -- 5.12.1. Investment tax credits -- 5.12.2. Deferred tax on compound financial instruments -- 5.12.3. Divestments: Rollover relief -- 5.12.4. Intra-group transactions -- 5.12.5. Tax consideration during uncertain times (COVID-19) -- Chapter 6: Deferred Tax Asset Recognition -- 6.1. Introduction -- 6.2. Deferred tax assets -- 6.2.1. Relevant deferred tax assets and GAAPs -- 6.2.2. Recognizing a deferred tax asset -- 6.3. Deferred tax assets on unused tax losses and credits -- 6.3.1. Background -- 6.3.2. The threshold: "Probable" -- 6.3.3. History of recent losses -- 6.3.4. Convincing other evidence -- 6.3.5. Specific tax regimes -- 6.4. Tax rate to be used -- 6.5. Discounting -- 6.6. Netting -- 6.7. The impact of the COVID-19 virus outbreak on the recognition of deferred tax assets as examples of non-recurrent events that still carry significant uncertainty to the future -- 6.8. Simplified checklist for deferred tax assets recognition -- 6.9. Frequently Asked Questions -- Chapter 7: Tax Exposures -- 7.1. Introduction -- 7.2. Basic theory and technical guidance -- 7.2.1. Identification of uncertain tax treatments -- 7.2.1.1. What are uncertain tax treatments? -- 7.2.1.2. To consider uncertain tax treatments separately or together (determine unit of account) -- 7.2.2. Recognition -- 7.2.2.1. Evidence to support recognition -- 7.2.2.2. Detection risk -- 7.2.2.3. Tax opinions -- 7.2.2.4. Uncertainties related to valuation -- 7.2.2.5. Temporary differences -- 7.2.3. Measurement -- 7.2.3.1. Measurement under IFRS - Expected value method -- 7.2.3.2. Measurement under IFRS - Most likely amount method -- 7.2.3.3. Measurement under US GAAP -- 7.2.3.4. Examples of US GAAP and IFRS recognition and measurement -- 7.2.3.4.1. Example of transfer pricing-related uncertain tax position -- 7.2.3.4.2. Binary tax position.

7.2.4. Subsequent events -- 7.2.5. Effective settlement and statute of limitations -- 7.2.6. Interest and penalties -- 7.2.6.1. Accounting policy election under US GAAP -- 7.2.6.2. Judgement under IFRS -- 7.2.7. Presentation in the statement of financial position -- 7.2.8. Financial statements disclosures -- 7.3. Conclusion -- Chapter 8: Disclosure Notes -- 8.1. Introduction -- 8.2. Presentation versus disclosure -- 8.3. Presentation and disclosure requirements IAS 12 -- 8.3.1. Introduction -- 8.3.2. Presentation -- 8.3.2.1. Offsetting current taxes -- 8.3.2.2. Offsetting deferred taxes -- 8.3.2.3. Tax expense -- 8.3.2.4. Exchange differences on deferred foreign tax liabilities or assets -- 8.3.3. Disclosure -- 8.3.3.1. Total tax expense (income) -- 8.3.3.2. Effective tax rate reconciliation -- 8.3.3.3. Tax rates -- 8.3.3.4. Tax via equity and other comprehensive income -- 8.3.3.5. Overview of tax losses/non-recognized deferred tax assets -- 8.3.3.6. Investments in subsidiaries, branches and associates and interests in joint arrangements -- 8.3.3.7. Deferred taxes -- 8.3.3.8. Discontinued operations -- 8.3.3.9. Income tax consequences of dividends -- 8.3.3.10. Business combinations -- 8.3.3.11. Future taxable income -- 8.3.3.12. Tax contingencies and events after the reporting period -- 8.4. Non-IAS 12 presentation and disclosure requirements -- 8.4.1. Introduction -- 8.4.2. IAS 1: Presentation of financial statements -- 8.4.3. IAS 7: Statement of cash flows -- 8.4.4. IAS 10: Events after the reporting period -- 8.4.5. IFRS 3: Business Combinations -- 8.4.6. IFRS 8: Operating Segments -- 8.5. Conclusion -- Chapter 9: Special Items -- 9.1. Introduction -- 9.2. Initial recognition -- 9.2.1. General rule of initial recognition -- 9.2.2. Mergers -- 9.2.3. Assets carried at fair value -- 9.2.4. Change in tax status of the entity.

9.2.5. Migration of an entity.

Explaining the essence of tax accounting, this book provides a detailed methodology to compute, determine and disclose the tax consequences in the financial statements of a company.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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