Ind AS 12 Video Lecture – Income Taxes

Description

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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. Delve into the intricate world of income taxes with expert guidance and clear explanations. In this engaging e-lecture, 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 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

Additional features:

Session type – Extensive and detailed deliberation on Ind AS 12 with maximum use of practical examples and illustrative cases

On-Demand Access – Enjoy flexibility of accessing e-lecture anytime, anywhere, at your own pace, fitting seamlessly into your busy schedule

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

Study material  –  You will receive a soft copy of the presentation slides and numerical examples used in the video

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

Watch time:  2 hours 15 minutes