Ind AS 12: Income Taxes (Video Lecture + eBook)

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Get the most detailed knowledge and practical insights on accounting for income taxes. Your ultimate Learning Kit on Ind AS 12!

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Description

About the product MUST BUY                                                                                    

The significance of Indian Accounting Standard 12 is that it states that an entity is required to show the income tax effect of each and every event and transaction. Thus, in essence, Ind AS is a form of triple-entry bookkeeping. It addresses the complexities of deferred taxation, which arises from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Understanding and properly accounting for deferred tax assets and liabilities are essential for accurately reflecting an entity’s financial position and performance.

Discover the nuances of this Standard through our comprehensive video lecture and e-book. Delve into the intricate world of income taxes with expert guidance and clear explanations. In this engaging e-lecture and handbook, you’ll explore the fundamental principles and practical applications of Ind AS 12, gaining a deeper understanding of its effect on financial reporting. Our experienced instructor breaks down complex concepts into digestible segments, ensuring clarity and comprehension for learners at all levels. Acquire practical insights through real-world examples and case studies, bridging the gap between theory and application. From deferred tax assets and liabilities to impact on financial statements and relation to other accounting standards, every aspect of Ind AS 12 is meticulously explored with the use of several numerical examples and lucid illustrations.

What you will learn from the video lecture

  • Difference between accounting for business and taxation
  • Features of accounting profit and taxable profit
  • Accrual basis
  • Objective of Ind AS 12
  • Where tax effects of transactions and events are recorded
  • Types of gain
  • Definition of accounting profit
  • Illustration of tax effect in PL, OCI and directly in equity
  • Tax base
  • Examples to differentiate between carrying amount and tax base
  • Temporary differences
  • Taxable temporary difference
  • Deductible temporary difference
  • Ascertainment of current tax
  • Deferred tax liability
  • Deferred tax asset
  • Calculation of goodwill
  • Necessity of deferred taxes
  • Treatment of deep-discount bond
  • Illustration – Deferred tax liability recognised in PL
  • Illustration – Deferred tax asset recognised in PL
  • Example – Deferred taxes recognised in OCI
  • Example – Deferred taxes liability recognised directly in equity
  • Difference in accounting profit and taxable profit
  • Carryforwards and set off
  • Illustration – Warranty provision under Ind AS 37
  • Illustration – Deferred tax on Intangible Assets under Ind AS 38
  • Illustration – Deferred tax on Revaluation of PPE under Ind AS 16

 

Key features

Session type – Extensive deliberation on Ind AS 12 with maximum use of practical examples and interactive discussion

e-Book – 80+ pages of elaborate commentary and illustrative cases for complete understanding

On-Demand Access –  Video can be accessed anywhere, anytime on any device such as PC, Laptop, Tablet and Mobile

Unlimited Views  – There is no restriction to the number of views

Study material  –  You will receive a detailed e-book on Ind AS 12, presentation slides, and a handout of numerical worked examples

Support – Clarification of queries is also offered via digital communication for 1 year from the date of purchase

Watch time: 2 hours 15 minutes


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About the e-Book

Income Tax is considered to be a complex subject in the world. The reason why this Standard is of utmost importance is that it requires an entity to show the income tax effect of each and every event and transaction. Accounting for business and accounting for taxation are two different things. Accounting profit is the profit or loss for a period before deducting tax expense. Taxable profit (tax loss) is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable (recoverable).

This e-book includes a comprehensive coverage on the application of this Standard on an entity’s financial statements and it contains more than 60 practical numerical examples illustrating in detail the accounting treatment for income taxes.

Pages: 83

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2 reviews for Ind AS 12: Income Taxes (Video Lecture + eBook)

  1. Karan Rustagi (verified owner) –

    Practical and handy resource for my work..deferred taxes seem a lot easier now..thank you

  2. harshit –

    thanks for this combo i feel more confident in understanding indas 12 and effect on financial reporting

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