Tax accounting: unravelling the mystery of income taxes
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IBFD
[2020]
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| Ausgabe: | Second revised edition |
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xvii, 444 Seiten Diagramme |
| ISBN: | 9789087226534 |
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| adam_text | Table of Contents Foreword Chapter 1: V Introduction to Tax Accounting Tjeerd van den Berg 1 1.1. Introduction 1 1.2. Importance of accounting for income taxes 2 1.3. Primary tax accounting terminology 3 1.4. How are income taxes accounted for? 6 1.5. Other factors affecting tax reporting: Looking beyond the accounting requirements Introduction Fair share of taxes, non-financial reporting and pressure from investors Publish What You Pay Work by non-governmental organizations The alphabet soup The GRI standard on tax and payments to governments The UN Principles for Responsible Investment Regulatory industry, country-by-country and other reporting requirements The Extractive Industries Transparency Initiative US development in CbC reporting Proposed update from FASB to income tax disclosures International exchange of CbC reports Recent developments in the United States Relevant EU directives EU Directives on Accounting and Transparency EU Capital Requirements Directive European Non-Financial Reporting Directive European Directive on Mandatory Disclosure Rules (DAC6) Transfer pricing documentation under the OECD Guidelines Conclusion 1.5.1. 1.5.2. 1.5.2.1. 1.5.2.2. 1.5.2.3. 1.5.2.4. 1.5.2.5. 1.5.3. 1.5.3.1. 1.5.3.2. 1.5.3.2.1. 1.5.3.2.2. 1.5.3.2.3. 1.5.3.3. 1.5.3.3.1. 1.5.3.3.2. 1.5.3.3.3. 1.5.3.3.4. 1.5.3.4. 1.5.4. VII 13 13 15 15 16 18 20 25 25 26 28 28 29 30 31 32 34 35 36 37 40
Table of Contents 1.6. 1.6.1. 1.6.2. 1.6.3. 1.6.4. 1.6.4.1. 1.6.4.2. 1.6.4.3. 1.6.4.4. 1.6.4.5. 1.6.4.6. 1.6.4.7. 1.6.5. 1.6.5.1. 1.6.5.2. 1.6.5.3. 1.6.6. Chapter 2: International Financial Reporting Standards Introduction Why are International Financial Reporting Standards developed? The convergence project The structure of the IFRS Foundation The Board IFRS Foundation IFRS Foundation trustees IFRS Foundation monitoring board IFRS advisory council IFRS Interpretations Committee Accounting Standards Advisory Forum Financial reporting standards Introduction The due process of IFRS The due process of IFRIC interpretations Conclusion 41 41 41 43 44 45 46 46 47 48 48 49 49 49 50 51 52 Definition of Income Taxes Eva Eberhartinger, Alexandra Patloch-Kofler and Elisabeth Höltschl 55 2.1. Introduction 55 2.2. Scope of IAS 12 55 2.3. Income taxes in the statements and analysis 58 2.4. Income taxes 59 2.5. 2.5.1. 2.5.2. 2.5.3. 2.5.4. 2.5.5. 2.5.6. 2.5.7. 2.5.8. 2.5.9. 2.5.10. Specific forms of taxation Income tax Withholding tax Business tax Tonnage tax Mining tax Interest payments and penalties Alternative minimum taxes Tax on value added Taxes beyond the scope of IAS 12 Digital services taxes 61 61 62 63 65 66 67 69 70 70 70 viii
Table of Contents 2.6. Differences between IFRS and US GAAP 72 2.7. Developments with respect to COVID-19 73 Chapter 3: Book-to-Tax Differences: Permanent and Temporary Eduardo Flöring and Konstantin Smolsky 75 3.1. Introduction 75 3.2. Tax returns and reconciliation of financial statements 81 3.3. Adjustment of profit for tax purposes and the performance statements 82 3.4. Recovery of assets and settlement of liabilities 84 3.5. Impact of COVID-19 on IFRS reporting and deferred tax calculation 86 Frequently asked questions 88 Current Tax and Prior Year Adjustments Khadija Baggerman-Noudari 91 4.1. Introduction 91 4.2. The process 92 4.3. 4.3.1. 4.3.1.1. 93 93 4.3.2. 4.3.3. 4.3.4. 4.3.5. Calculate current tax for the year Calculate taxable income for the year Recognition of current tax liabilities and current tax assets Tax rates Tax incentives Uncertain tax positions Tax loss carry-back claims 96 96 99 101 103 4.4. 4.4.1 4.4.2. Calculate any prior year adjustments Prior year adjustments Change in accounting estimate vs. error 106 106 110 3.6. Chapter 4: IX
Table of Contents 4.5. 4.5.1. 4.5.2. 4.5.3. Reconcile tax accounts Introduction Balance sheet classification Discounting 113 113 115 116 4.6. Conclusion 117 Deferred Taxes Ronel Fourie 119 5.1. Introduction 119 5.2. Origin of deferred tax assets 120 5.3. 5.3.1. 5.3.2. 5.3.3. Overview of deferred tax assets and liabilities Recognition Measurement Presentation 121 121 123 124 5.4. Practical approach to calculating deferred tax 126 5.5. Basic principles of carrying amount 126 5.6. 5.6.1. 5.6.2. 5.6.3. 5.6.4. Tax base as the basis for calculating deferred tax Tax base of an asset Tax base of a liability Tax base of revenue received in advance Uncertainty in determining the tax base 127 128 130 132 133 5.7. Tax base without a carrying amount 133 5.8. 5.8.1. 5.8.2. 5.8.2.1. 5.8.2.2. 5.8.2.3. 5.8.3. 5.8.3.1. 5.8.3.2. 5.8.3.3. 5.8.4. Calculate the temporary differences Temporary difference Taxable temporary differences Assets Liabilities Other examples of taxable temporary differences Deductible temporary differences Assets Liabilities Other examples of deductible temporary differences Other examples of temporary differences 135 135 136 136 137 137 138 138 139 139 140 Chapter 5: x
Table of Contents 5.9. 5.9.4. Recognition criteria and initial recognition exemptions Initial recognition exemption Initial recognition of goodwill exempted from deferred tax Exemption from recognizing outside basis deferred tax Exemption from recognition of deferred tax assets 146 146 5.10. 5.10.1. 5.10.2. 5.10.3. 5.10.4. Manner of expected recovery Substantively enacted tax rates Tax rates based on manner of recovery Recovery of investment property Different tax rates for levels of taxable profit 146 146 147 150 151 5.11. 5.11.1. 5.11.2. 5.11.2.1. 5.11.2.2. Reconcile movements in deferred tax balances Disclosure of deferred tax movements Accounting for a deferred tax movement Deferred tax movements in the income statement Deferred tax movements in other comprehensive income Deferred tax movements in equity Disallowance of discounting Deferred tax on capital losses 152 152 153 153 Practical issues Investment tax credits Deferred tax on compound financial instruments Divestments: Rollover relief Intra-group transactions Tax consideration during uncertain times (COVID-19) 155 155 158 158 159 5.9.1. 5.9.2. 5.9.3. 5.11.2.3. 5.11.3. 5.11.4. 5.12. 5.12.1. 5.12.2. 5.12.3. 5.12.4. 5.12.5. Chapter 6: 141 141 146 154 154 155 155 161 Deferred Tax Asset Recognition Marcin Partyka and Jorge Molina 163 6.1. Introduction 163 6.2. 6.2.1. 6.2.2. Deferred tax assets Relevant deferred tax assets and GAAPs Recognizing a deferred tax asset 164 164 166 XI
Table of Contents 6.3. 6.3.1. 6.3.2. 6.3.3. 6.3.4. 6.3.5. Deferred tax assets on unused tax losses and credits Background The threshold: “Probable” History of recent losses Convincing other evidence Specific tax regimes 168 168 169 176 178 180 6.4. Tax rate to be used 182 6.5. Discounting 184 6.6. Netting 185 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 186 Simplified checklist for deferred tax assets recognition 187 Frequently Asked Questions 188 Tax Exposures Koen De Grave, Scott Miller and Paul Pellegrine 191 7.1. Introduction 191 7.2. 7.2.1. 7.2.1.1. 7.2.1.2. Basic theory and technical guidance Identification of uncertain tax treatments What are uncertain tax treatments? To consider uncertain tax treatments separately or together (determine unit of account) Recognition Evidence to support recognition Detection risk Tax opinions Uncertainties related to valuation Temporary differences Measurement Measurement under IFRS - Expected value method 193 194 194 6.8. 6.9. Chapter 7: 7.2.2. 7.2.2.1. 7.2.2.2. 7.2.2.3. 7.2.2A 7.2.2.5. 7.2.3. 7.2.3.1. Xll 196 198 200 201 202 203 204 205 206
Table of Contents Measurement under IFRS - Most likely amount method Measurement under US GAAP 1.2.33. Examples of US GAAP and IFRS recognition and 7.2.3.4. measurement 7.2.Յ.4.1. Example of transfer pricing-related uncertain tax position 7.2.3.4.2. Binary tax position Subsequent events 7.2.4. Effective settlement and statute of limitations 7.2.5. Interest and penalties 7.2.6. Accounting policy election under US GAAP 7.2.6.1. Judgement under IFRS 7.2.6.2. Presentation in the statement of financial position 7.2.7. Financial statements disclosures 7.2.8. 1.23.2. 207 208 209 209 212 213 215 218 218 220 221 221 Conclusion 223 Disclosure Notes Patrick van Gerven and Frank Imming 225 8.1. Introduction 225 8.2. Presentation versus disclosure 226 8.3. 8.3.1. 8.3.2. 8.3.2.1. 8.3.2.2. 8.3.2.3. 8.3.2.4. Presentation and disclosure requirements IAS 12 Introduction Presentation Offsetting current taxes Offsetting deferred taxes Tax expense Exchange differences on deferred foreign tax liabilities or assets Disclosure Total tax expense (income) Effective tax rate reconciliation Tax rates Tax via equity and other comprehensive income Overview of tax losses/non-recognized deferred tax assets Investments in subsidiaries, branches and associates and interests in joint arrangements 230 230 231 231 233 234 7.3. Chapter 8: 8.3.3. 8.3.3.1. 8.3.3.2. 8.3.3.3. 8.3.3.4. 8.3.3.5. 8.3.3.6. Xlll 234 236 237 239 242 244 246 247
Table of Contents 8.3.3.7. 8.3.3.8. 8.3.3.9. 8.3.3.10. 8.3.3.11. 8.3.3.12. Deferred taxes Discontinued operations Income tax consequences of dividends Business combinations Future taxable income Tax contingencies and events after the reporting period 249 253 255 259 260 262 8.4.1. 8.4.2. 8.4.3. 8.4.4. 8.4.5. 8.4.6. Non-IAS 12 presentation and disclosure requirements Introduction IAS 1 : Presentation of financial statements IAS 7: Statement of cash flows IAS 10: Events after the reporting period IFRS 3: Business Combinations IFRS 8: Operating Segments 265 265 265 274 277 278 278 8.5. Conclusion 281 Special Items Mark Koek and Tjeerd van den Berg 283 9.1. Introduction 283 9.2. 9.2.1. 9.2.2. 9.2.3. 9.2.4. 9.2.5. 9.2.6. Initial recognition General rule of initial recognition Mergers Assets carried at fair value Change in tax status of the entity Migration of an entity Subsequent changes in value: Impact on the initial recognition exemption 283 284 287 290 290 292 Outside basis differences What is an outside basis difference? Calculating deferred taxes on outside basis differences Impact of local legal requirements Impact of local tax treatment of the shareholder Impact of tax treaties Deferred tax assets in relation to unremitted retained earnings 294 294 8.4. Chapter 9: 9.3. 9.3.1. 9.3.2. 9.3.2.1. 9.3.2.2. 9.3.2.3. 9.3.3. XIV 293 297 298 298 300 301
Table of Contents 9.3.3.1. 9.3.3.2. 9.4. 9.4.1. 9.4.2. 9.4.2.1. 9.4.2.2. 9.4.2.3. 9.4.2.4. Withholding taxes and deferred tax assets on unremitted retained earnings Impairment of investments and deferred tax assets on unremitted retained earnings 301 303 304 304 306 307 307 308 309 310 310 311 314 9.4.4. Business combinations Basic principles Acquisition method Identify the acquirer Determine the acquisition date Recognize and measure assets and liabilities Recognizing and measuring goodwill or bargain purchase Examples of business combination Examples of purchase price allocation Example of deferred tax in a share deal Example of deferred tax in an asset deal Example: Asset deal and share deal in one transaction Example: Identifiable assets ֊ Fair value, no tax basis Example: Net operating losses or tax credits in a business combination Specific disclosures for business combinations 9.5. 9.5.1. Share-based payments Different share-based payment transactions 324 324 9.5.2. Objective and examples of share-based payment accounting (IFRS 2) Significant dates Equity-settled share-based payment transactions Cash-settled share-based payment transactions Tax accounting consequences of share-based payment transactions Tax accounting paragraphs Tax accounting: Share-based payment transactions Examples Cash-settled share-based payments: Example 9.4.3. 9.4.3.1. 9.4.3.2. 9.4.3.3. 9.4.3.4. 9.4.3.5. 9.4.3.6. 9.5.2.1. 9.5.2.2. 9.5.2.3. 9.5.3. 9.5.3.1. 9.5.3.2. 9.5.3.3. XV 317 319 321 323 326 327 327 330 332 333 334 339
Table of Contents 9.6. 9.6.1. 9.6.1.1. 9.6.1.2. 9.6.2. 9.6.2.1. 9.62.2. 9.6.2.3. 9.6.2.4. 9.7. 9.7.1. 9.7.2. 9.7.3. 9.7.4. 9.8. 9.8.1. 9.8.2. 9.8.3. 9.8.4. 9.8.4.1. 9.8.4.2. 9.8.4.3. 9.8.4.4. 9.8.4.5. 9.8.4.6. 9.8.4.7. 9.8.5. Other comprehensive income and discontinued operations Other comprehensive income Components of other comprehensive income Changes in revaluation surplus Discontinued operations Definition and rationale Scope Measurement Presentation and disclosures 340 340 341 342 345 345 345 346 348 Interim reporting Interim reporting and accounting for income taxes Determination of estimated weighted average tax rate One-time events or discrete items COVID-19 impact 354 356 361 Convergence of US GAAP and IFRS; existing differences in accounting for income taxes Background of convergence Differences in basic model Differences in recognition and measurement Differences with regard to specific items Intra-group transactions Revaluations of property, plant and equipment Backward tracing Foreign exchange differences on remeasurement Unremitted retained earnings Share-based payments Uncertain tax positions Differences in presentation 362 362 362 363 364 364 366 366 367 367 368 368 369 Chapter 10: Banks and Other Financial Institutions Young Hwa An 350 350 371 10.1. Introduction 371 10.2. 10.2.1. 10.2.2. 10.2.2.1. Specific tax accounting issues faced by banks Branch structures Financial instruments Background 373 373 375 375 XVI
Table of Contents 376 380 381 10.2.2.2. 10.2.2.3. 10.2.2.4. Asset accounting Liability accounting Example 10.3. Specific tax accounting impact of regulatory regimes for banks Historical reference Role of the regulators Overview of capital requirements under the Basel Accords The application of the Basel ПІ Framework Basel IV Treatment of deferred tax assets under the Basel Accords US adoption of Basel III European adoption of Basel III Summary 10.3.1. 10.3.2. 10.3.3. 10.3.4. 10.3.5. 10.3.6. 10.3.7. 10.3.8. 10.3.9. 10.4. 10.4.1. 10.4.2. 10.4.3. 10.4.4. 10.4.5. 10.4.6. Specific tax accounting impact of regulatory regimes for insurance companies Introduction Insurance liabilities Role of the regulators Treatment of deferred taxes under Solvency II Impact of COVID-19 Conclusion 382 382 383 385 386 388 389 395 395 396 397 397 398 399 400 408 409 411 Chapter 11: Case Study Heather Jurek Background 411 Additional information 411 ABC Foreign Subsidiary (FS) 413 ABC Global, Inc. consolidated financials 438 XVII
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Table of Contents Foreword Chapter 1: V Introduction to Tax Accounting Tjeerd van den Berg 1 1.1. Introduction 1 1.2. Importance of accounting for income taxes 2 1.3. Primary tax accounting terminology 3 1.4. How are income taxes accounted for? 6 1.5. Other factors affecting tax reporting: Looking beyond the accounting requirements Introduction Fair share of taxes, non-financial reporting and pressure from investors Publish What You Pay Work by non-governmental organizations The alphabet soup The GRI standard on tax and payments to governments The UN Principles for Responsible Investment Regulatory industry, country-by-country and other reporting requirements The Extractive Industries Transparency Initiative US development in CbC reporting Proposed update from FASB to income tax disclosures International exchange of CbC reports Recent developments in the United States Relevant EU directives EU Directives on Accounting and Transparency EU Capital Requirements Directive European Non-Financial Reporting Directive European Directive on Mandatory Disclosure Rules (DAC6) Transfer pricing documentation under the OECD Guidelines Conclusion 1.5.1. 1.5.2. 1.5.2.1. 1.5.2.2. 1.5.2.3. 1.5.2.4. 1.5.2.5. 1.5.3. 1.5.3.1. 1.5.3.2. 1.5.3.2.1. 1.5.3.2.2. 1.5.3.2.3. 1.5.3.3. 1.5.3.3.1. 1.5.3.3.2. 1.5.3.3.3. 1.5.3.3.4. 1.5.3.4. 1.5.4. VII 13 13 15 15 16 18 20 25 25 26 28 28 29 30 31 32 34 35 36 37 40
Table of Contents 1.6. 1.6.1. 1.6.2. 1.6.3. 1.6.4. 1.6.4.1. 1.6.4.2. 1.6.4.3. 1.6.4.4. 1.6.4.5. 1.6.4.6. 1.6.4.7. 1.6.5. 1.6.5.1. 1.6.5.2. 1.6.5.3. 1.6.6. Chapter 2: International Financial Reporting Standards Introduction Why are International Financial Reporting Standards developed? The convergence project The structure of the IFRS Foundation The Board IFRS Foundation IFRS Foundation trustees IFRS Foundation monitoring board IFRS advisory council IFRS Interpretations Committee Accounting Standards Advisory Forum Financial reporting standards Introduction The due process of IFRS The due process of IFRIC interpretations Conclusion 41 41 41 43 44 45 46 46 47 48 48 49 49 49 50 51 52 Definition of Income Taxes Eva Eberhartinger, Alexandra Patloch-Kofler and Elisabeth Höltschl 55 2.1. Introduction 55 2.2. Scope of IAS 12 55 2.3. Income taxes in the statements and analysis 58 2.4. Income taxes 59 2.5. 2.5.1. 2.5.2. 2.5.3. 2.5.4. 2.5.5. 2.5.6. 2.5.7. 2.5.8. 2.5.9. 2.5.10. Specific forms of taxation Income tax Withholding tax Business tax Tonnage tax Mining tax Interest payments and penalties Alternative minimum taxes Tax on value added Taxes beyond the scope of IAS 12 Digital services taxes 61 61 62 63 65 66 67 69 70 70 70 viii
Table of Contents 2.6. Differences between IFRS and US GAAP 72 2.7. Developments with respect to COVID-19 73 Chapter 3: Book-to-Tax Differences: Permanent and Temporary Eduardo Flöring and Konstantin Smolsky 75 3.1. Introduction 75 3.2. Tax returns and reconciliation of financial statements 81 3.3. Adjustment of profit for tax purposes and the performance statements 82 3.4. Recovery of assets and settlement of liabilities 84 3.5. Impact of COVID-19 on IFRS reporting and deferred tax calculation 86 Frequently asked questions 88 Current Tax and Prior Year Adjustments Khadija Baggerman-Noudari 91 4.1. Introduction 91 4.2. The process 92 4.3. 4.3.1. 4.3.1.1. 93 93 4.3.2. 4.3.3. 4.3.4. 4.3.5. Calculate current tax for the year Calculate taxable income for the year Recognition of current tax liabilities and current tax assets Tax rates Tax incentives Uncertain tax positions Tax loss carry-back claims 96 96 99 101 103 4.4. 4.4.1 4.4.2. Calculate any prior year adjustments Prior year adjustments Change in accounting estimate vs. error 106 106 110 3.6. Chapter 4: IX
Table of Contents 4.5. 4.5.1. 4.5.2. 4.5.3. Reconcile tax accounts Introduction Balance sheet classification Discounting 113 113 115 116 4.6. Conclusion 117 Deferred Taxes Ronel Fourie 119 5.1. Introduction 119 5.2. Origin of deferred tax assets 120 5.3. 5.3.1. 5.3.2. 5.3.3. Overview of deferred tax assets and liabilities Recognition Measurement Presentation 121 121 123 124 5.4. Practical approach to calculating deferred tax 126 5.5. Basic principles of carrying amount 126 5.6. 5.6.1. 5.6.2. 5.6.3. 5.6.4. Tax base as the basis for calculating deferred tax Tax base of an asset Tax base of a liability Tax base of revenue received in advance Uncertainty in determining the tax base 127 128 130 132 133 5.7. Tax base without a carrying amount 133 5.8. 5.8.1. 5.8.2. 5.8.2.1. 5.8.2.2. 5.8.2.3. 5.8.3. 5.8.3.1. 5.8.3.2. 5.8.3.3. 5.8.4. Calculate the temporary differences Temporary difference Taxable temporary differences Assets Liabilities Other examples of taxable temporary differences Deductible temporary differences Assets Liabilities Other examples of deductible temporary differences Other examples of temporary differences 135 135 136 136 137 137 138 138 139 139 140 Chapter 5: x
Table of Contents 5.9. 5.9.4. Recognition criteria and initial recognition exemptions Initial recognition exemption Initial recognition of goodwill exempted from deferred tax Exemption from recognizing outside basis deferred tax Exemption from recognition of deferred tax assets 146 146 5.10. 5.10.1. 5.10.2. 5.10.3. 5.10.4. Manner of expected recovery Substantively enacted tax rates Tax rates based on manner of recovery Recovery of investment property Different tax rates for levels of taxable profit 146 146 147 150 151 5.11. 5.11.1. 5.11.2. 5.11.2.1. 5.11.2.2. Reconcile movements in deferred tax balances Disclosure of deferred tax movements Accounting for a deferred tax movement Deferred tax movements in the income statement Deferred tax movements in other comprehensive income Deferred tax movements in equity Disallowance of discounting Deferred tax on capital losses 152 152 153 153 Practical issues Investment tax credits Deferred tax on compound financial instruments Divestments: Rollover relief Intra-group transactions Tax consideration during uncertain times (COVID-19) 155 155 158 158 159 5.9.1. 5.9.2. 5.9.3. 5.11.2.3. 5.11.3. 5.11.4. 5.12. 5.12.1. 5.12.2. 5.12.3. 5.12.4. 5.12.5. Chapter 6: 141 141 146 154 154 155 155 161 Deferred Tax Asset Recognition Marcin Partyka and Jorge Molina 163 6.1. Introduction 163 6.2. 6.2.1. 6.2.2. Deferred tax assets Relevant deferred tax assets and GAAPs Recognizing a deferred tax asset 164 164 166 XI
Table of Contents 6.3. 6.3.1. 6.3.2. 6.3.3. 6.3.4. 6.3.5. Deferred tax assets on unused tax losses and credits Background The threshold: “Probable” History of recent losses Convincing other evidence Specific tax regimes 168 168 169 176 178 180 6.4. Tax rate to be used 182 6.5. Discounting 184 6.6. Netting 185 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 186 Simplified checklist for deferred tax assets recognition 187 Frequently Asked Questions 188 Tax Exposures Koen De Grave, Scott Miller and Paul Pellegrine 191 7.1. Introduction 191 7.2. 7.2.1. 7.2.1.1. 7.2.1.2. Basic theory and technical guidance Identification of uncertain tax treatments What are uncertain tax treatments? To consider uncertain tax treatments separately or together (determine unit of account) Recognition Evidence to support recognition Detection risk Tax opinions Uncertainties related to valuation Temporary differences Measurement Measurement under IFRS - Expected value method 193 194 194 6.8. 6.9. Chapter 7: 7.2.2. 7.2.2.1. 7.2.2.2. 7.2.2.3. 7.2.2A 7.2.2.5. 7.2.3. 7.2.3.1. Xll 196 198 200 201 202 203 204 205 206
Table of Contents Measurement under IFRS - Most likely amount method Measurement under US GAAP 1.2.33. Examples of US GAAP and IFRS recognition and 7.2.3.4. measurement 7.2.Յ.4.1. Example of transfer pricing-related uncertain tax position 7.2.3.4.2. Binary tax position Subsequent events 7.2.4. Effective settlement and statute of limitations 7.2.5. Interest and penalties 7.2.6. Accounting policy election under US GAAP 7.2.6.1. Judgement under IFRS 7.2.6.2. Presentation in the statement of financial position 7.2.7. Financial statements disclosures 7.2.8. 1.23.2. 207 208 209 209 212 213 215 218 218 220 221 221 Conclusion 223 Disclosure Notes Patrick van Gerven and Frank Imming 225 8.1. Introduction 225 8.2. Presentation versus disclosure 226 8.3. 8.3.1. 8.3.2. 8.3.2.1. 8.3.2.2. 8.3.2.3. 8.3.2.4. Presentation and disclosure requirements IAS 12 Introduction Presentation Offsetting current taxes Offsetting deferred taxes Tax expense Exchange differences on deferred foreign tax liabilities or assets Disclosure Total tax expense (income) Effective tax rate reconciliation Tax rates Tax via equity and other comprehensive income Overview of tax losses/non-recognized deferred tax assets Investments in subsidiaries, branches and associates and interests in joint arrangements 230 230 231 231 233 234 7.3. Chapter 8: 8.3.3. 8.3.3.1. 8.3.3.2. 8.3.3.3. 8.3.3.4. 8.3.3.5. 8.3.3.6. Xlll 234 236 237 239 242 244 246 247
Table of Contents 8.3.3.7. 8.3.3.8. 8.3.3.9. 8.3.3.10. 8.3.3.11. 8.3.3.12. Deferred taxes Discontinued operations Income tax consequences of dividends Business combinations Future taxable income Tax contingencies and events after the reporting period 249 253 255 259 260 262 8.4.1. 8.4.2. 8.4.3. 8.4.4. 8.4.5. 8.4.6. Non-IAS 12 presentation and disclosure requirements Introduction IAS 1 : Presentation of financial statements IAS 7: Statement of cash flows IAS 10: Events after the reporting period IFRS 3: Business Combinations IFRS 8: Operating Segments 265 265 265 274 277 278 278 8.5. Conclusion 281 Special Items Mark Koek and Tjeerd van den Berg 283 9.1. Introduction 283 9.2. 9.2.1. 9.2.2. 9.2.3. 9.2.4. 9.2.5. 9.2.6. Initial recognition General rule of initial recognition Mergers Assets carried at fair value Change in tax status of the entity Migration of an entity Subsequent changes in value: Impact on the initial recognition exemption 283 284 287 290 290 292 Outside basis differences What is an outside basis difference? Calculating deferred taxes on outside basis differences Impact of local legal requirements Impact of local tax treatment of the shareholder Impact of tax treaties Deferred tax assets in relation to unremitted retained earnings 294 294 8.4. Chapter 9: 9.3. 9.3.1. 9.3.2. 9.3.2.1. 9.3.2.2. 9.3.2.3. 9.3.3. XIV 293 297 298 298 300 301
Table of Contents 9.3.3.1. 9.3.3.2. 9.4. 9.4.1. 9.4.2. 9.4.2.1. 9.4.2.2. 9.4.2.3. 9.4.2.4. Withholding taxes and deferred tax assets on unremitted retained earnings Impairment of investments and deferred tax assets on unremitted retained earnings 301 303 304 304 306 307 307 308 309 310 310 311 314 9.4.4. Business combinations Basic principles Acquisition method Identify the acquirer Determine the acquisition date Recognize and measure assets and liabilities Recognizing and measuring goodwill or bargain purchase Examples of business combination Examples of purchase price allocation Example of deferred tax in a share deal Example of deferred tax in an asset deal Example: Asset deal and share deal in one transaction Example: Identifiable assets ֊ Fair value, no tax basis Example: Net operating losses or tax credits in a business combination Specific disclosures for business combinations 9.5. 9.5.1. Share-based payments Different share-based payment transactions 324 324 9.5.2. Objective and examples of share-based payment accounting (IFRS 2) Significant dates Equity-settled share-based payment transactions Cash-settled share-based payment transactions Tax accounting consequences of share-based payment transactions Tax accounting paragraphs Tax accounting: Share-based payment transactions Examples Cash-settled share-based payments: Example 9.4.3. 9.4.3.1. 9.4.3.2. 9.4.3.3. 9.4.3.4. 9.4.3.5. 9.4.3.6. 9.5.2.1. 9.5.2.2. 9.5.2.3. 9.5.3. 9.5.3.1. 9.5.3.2. 9.5.3.3. XV 317 319 321 323 326 327 327 330 332 333 334 339
Table of Contents 9.6. 9.6.1. 9.6.1.1. 9.6.1.2. 9.6.2. 9.6.2.1. 9.62.2. 9.6.2.3. 9.6.2.4. 9.7. 9.7.1. 9.7.2. 9.7.3. 9.7.4. 9.8. 9.8.1. 9.8.2. 9.8.3. 9.8.4. 9.8.4.1. 9.8.4.2. 9.8.4.3. 9.8.4.4. 9.8.4.5. 9.8.4.6. 9.8.4.7. 9.8.5. Other comprehensive income and discontinued operations Other comprehensive income Components of other comprehensive income Changes in revaluation surplus Discontinued operations Definition and rationale Scope Measurement Presentation and disclosures 340 340 341 342 345 345 345 346 348 Interim reporting Interim reporting and accounting for income taxes Determination of estimated weighted average tax rate One-time events or discrete items COVID-19 impact 354 356 361 Convergence of US GAAP and IFRS; existing differences in accounting for income taxes Background of convergence Differences in basic model Differences in recognition and measurement Differences with regard to specific items Intra-group transactions Revaluations of property, plant and equipment Backward tracing Foreign exchange differences on remeasurement Unremitted retained earnings Share-based payments Uncertain tax positions Differences in presentation 362 362 362 363 364 364 366 366 367 367 368 368 369 Chapter 10: Banks and Other Financial Institutions Young Hwa An 350 350 371 10.1. Introduction 371 10.2. 10.2.1. 10.2.2. 10.2.2.1. Specific tax accounting issues faced by banks Branch structures Financial instruments Background 373 373 375 375 XVI
Table of Contents 376 380 381 10.2.2.2. 10.2.2.3. 10.2.2.4. Asset accounting Liability accounting Example 10.3. Specific tax accounting impact of regulatory regimes for banks Historical reference Role of the regulators Overview of capital requirements under the Basel Accords The application of the Basel ПІ Framework Basel IV Treatment of deferred tax assets under the Basel Accords US adoption of Basel III European adoption of Basel III Summary 10.3.1. 10.3.2. 10.3.3. 10.3.4. 10.3.5. 10.3.6. 10.3.7. 10.3.8. 10.3.9. 10.4. 10.4.1. 10.4.2. 10.4.3. 10.4.4. 10.4.5. 10.4.6. Specific tax accounting impact of regulatory regimes for insurance companies Introduction Insurance liabilities Role of the regulators Treatment of deferred taxes under Solvency II Impact of COVID-19 Conclusion 382 382 383 385 386 388 389 395 395 396 397 397 398 399 400 408 409 411 Chapter 11: Case Study Heather Jurek Background 411 Additional information 411 ABC Foreign Subsidiary (FS) 413 ABC Global, Inc. consolidated financials 438 XVII |
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| id | DE-604.BV046984441 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T15:50:44Z |
| indexdate | 2024-07-10T08:59:20Z |
| institution | BVB |
| isbn | 9789087226534 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032392454 |
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| physical | xvii, 444 Seiten Diagramme |
| publishDate | 2020 |
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| spelling | Tax accounting unravelling the mystery of income taxes editors: Anuschka Bakker, Tjeerd van den Berg Second revised edition Amsterdam IBFD [2020] xvii, 444 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier International Accounting Standards (DE-588)4367663-7 gnd rswk-swf Bilanz (DE-588)4006566-2 gnd rswk-swf Ertragsteuer (DE-588)4070938-3 gnd rswk-swf International Financial Reporting Standards (DE-588)4699643-6 gnd rswk-swf Rechnungslegung (DE-588)4128343-0 gnd rswk-swf International Financial Reporting Standards (DE-588)4699643-6 s Rechnungslegung (DE-588)4128343-0 s International Accounting Standards (DE-588)4367663-7 s Ertragsteuer (DE-588)4070938-3 s Bilanz (DE-588)4006566-2 s DE-604 Bakker, Anuschka edt Berg, Tjeerd van den (DE-588)1228646635 edt Erscheint auch als Online-Ausgabe, EPUB 978-90-8722-654-1 Erscheint auch als Online-Ausgabe, PDF 978-90-8722-655-8 Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032392454&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Tax accounting unravelling the mystery of income taxes International Accounting Standards (DE-588)4367663-7 gnd Bilanz (DE-588)4006566-2 gnd Ertragsteuer (DE-588)4070938-3 gnd International Financial Reporting Standards (DE-588)4699643-6 gnd Rechnungslegung (DE-588)4128343-0 gnd |
| subject_GND | (DE-588)4367663-7 (DE-588)4006566-2 (DE-588)4070938-3 (DE-588)4699643-6 (DE-588)4128343-0 |
| title | Tax accounting unravelling the mystery of income taxes |
| title_auth | Tax accounting unravelling the mystery of income taxes |
| title_exact_search | Tax accounting unravelling the mystery of income taxes |
| title_exact_search_txtP | Tax accounting unravelling the mystery of income taxes |
| title_full | Tax accounting unravelling the mystery of income taxes editors: Anuschka Bakker, Tjeerd van den Berg |
| title_fullStr | Tax accounting unravelling the mystery of income taxes editors: Anuschka Bakker, Tjeerd van den Berg |
| title_full_unstemmed | Tax accounting unravelling the mystery of income taxes editors: Anuschka Bakker, Tjeerd van den Berg |
| title_short | Tax accounting |
| title_sort | tax accounting unravelling the mystery of income taxes |
| title_sub | unravelling the mystery of income taxes |
| topic | International Accounting Standards (DE-588)4367663-7 gnd Bilanz (DE-588)4006566-2 gnd Ertragsteuer (DE-588)4070938-3 gnd International Financial Reporting Standards (DE-588)4699643-6 gnd Rechnungslegung (DE-588)4128343-0 gnd |
| topic_facet | International Accounting Standards Bilanz Ertragsteuer International Financial Reporting Standards Rechnungslegung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032392454&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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