Scribd Logo
Upload

Welcome to Scribd!

  • Chapter 16 Accounting For Income Taxes

    Uploaded by

    Mr. Green
    44 views11 pages
    This document provides an overview of accounting for income taxes based on PAS 12. It discusses key concepts such as the difference between taxable and financial reporting profit, the tax base of assets and liabilities, and the computation of income tax expense, current tax expense, deferred tax assets, and deferred tax liabilities. It also explains interperiod and intraperiod tax allocation, where interperiod allocation relates to temporary differences that result in deferred tax amounts, and intraperiod allocation relates to how income tax expense is allocated among various items during a period.

    Original Description:

    Original Title

    Chapter 16 Accounting for Income Taxes

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document provides an overview of accounting for income taxes based on PAS 12. It discusses key concepts such as the difference between taxable and financial reporting profit, the tax base of assets and liabilities, and the computation of income tax expense, current tax expense, deferred tax assets, and deferred tax liabilities. It also explains interperiod and intraperiod tax allocation, where interperiod allocation relates to temporary differences that result in deferred tax amounts, and intraperiod allocation relates to how income tax expense is allocated among various items during a period.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    44 views11 pages

    Chapter 16 Accounting For Income Taxes

    Uploaded by

    Mr. Green
    This document provides an overview of accounting for income taxes based on PAS 12. It discusses key concepts such as the difference between taxable and financial reporting profit, the tax base of assets and liabilities, and the computation of income tax expense, current tax expense, deferred tax assets, and deferred tax liabilities. It also explains interperiod and intraperiod tax allocation, where interperiod allocation relates to temporary differences that result in deferred tax amounts, and intraperiod allocation relates to how income tax expense is allocated among various items during a period.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 11

    (Intermediate Accounting 2)

    LECTURE AID
    Chapter 16: Accounting for Income Taxes
    Related standard: PAS 12 Income Taxes

    Learning Competencies

    • Explain why the profit presented in the financial


    statements may be different from the taxable profit.
    • Determine the tax base of assets and liabilities.
    • Compute for income tax expense and current tax
    expense.
    • Compute for deferred tax assets and deferred tax
    liabilities.
    Deferred tax expense (benefit)
    Interperiod and intraperiod tax allocation
    • Interperiod tax allocation relates to the recognition of deferred tax assets
    and deferred tax liabilities. It is concerned with the accounting for
    temporary differences.

    • Intraperiod tax allocation relates to the allocation of income tax expense


    during the period to various items of income or other sources that brought
    about the tax. This is based on the notion – “the tax follows the income.”
    Income tax is allocated to the following:
    a. Profit or loss from continuing operations
    b. Profit or loss from discontinued operations
    c. Components of other comprehensive income
    d. Items recognized directly in retained earnings
    APPLICATION OF CONCEPTS
    OPEN FORUM
    QUESTIONS????
    REACTIONS!!!!!
    END

    You might also like