ACCT2011 S1 2012 Week 9 Income Tax 6pp.pdf

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1、AccountingprofitandtaxableprofitAmountofaccountingprofitisdeterminedafterapplyingAccountingStandardsandGAAPAmountoftaxableprofitandtaxpayableisdeterminedinaccordancewiththerulesestablishedbythetaxationauthorities(IncomeTaxAssessmentAct)Significantdifferencesinthetimingoftherec

2、ognitionofrevenues(income)andexpensesbetweentaxlegislationandaccountingstandardsresultsinAccountingforIncomeTaxesdifferentprofitnumbersAASB112ACCT2011FinancialAccountingA1ACCT2011S120124ACCT2011S12012ReadingObjectiveofAASB112HPHCh.9Accountingforcompanyincometaxexcludingsections9.

3、3.5(unusedTheobjectiveofthisStandardistoprescribetheaccountingtreatmentfortaxlosses)&9.3.6(offsettingDTLandDTA)incometaxes.TheprincipalissueinaccountingforincometaxesishowtoAASB112IncomeTaxesParagraphs1-18,20,22-31,46-65A,71-88includingaccountforthecurrentandfuturetaxconsequences

4、of:BasisforConclusionsandIllustrativeExamples:A.1-11,B.1-8,C.1-4,and(a)thefuturerecovery(settlement)ofthecarryingamountofassetsExample1.(liabilities)thatarerecognisedinanentity’sstatementoffinancialposition;Deloitte.IASPlusDeloitte.IASPlushttp://iasplus.com/en/standards/standards

5、/standard11andWoolworthsLimited2011AnnualReport,pp.88-91&Notes1(V)&5,pp.(b)transactionsandothereventsofthecurrentperiodthatarerecognisedin103,107-9asanillustrationanentity’sfinancialstatements.2ACCT2011S120125ACCT2011S12012AccountingprofitandtaxableprofitObjectivesTounderstandwh

6、yaccountingprofitandtaxableprofitdifferAccountingprofitTounderstandthebalancesheetliabilitymethodofaccountingforusesaccrualbasisincometaxandthemeaningoftemporarydifferencesdepreciationisbasedonthecostorrevaluationmodelToidentifycertaintransactionsthatcauseadifferencebetweenac

7、countinggpprofitandtaxableincomeTaxableprofitTodeterminetheaccountingbaseandtaxbaseofassetsandliabilitiescombinationofcashandaccrualbasisdepreciationbasedoncostTocalculatethebalanceofdeferredtaxassetsanddeferredtaxliabilitiesdepreciationratefortaxmaydiffertoaccountingToappl

8、ytherequirementsofAASB112IncomeTaxesfort