Welcome to FintEdu's course on International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). In today's global business landscape, adherence to international accounting standards is crucial for transparent and comparable financial reporting. This course focuses on IAS 12 - Income Taxes and provides an introduction to IFRS principles and their relevance in UAE corporate tax law. We'll explore key concepts, recognition, measurement, and disclosures under IAS 12, offering insights into their practical implications for financial reporting and tax planning.
COURSE MODULE
Topic 1: IAS 12 - Income Taxes
- Scope and Objective
- Key Concepts/Definitions
- Recognition and Measurement
- Disclosures
Topic 2: Introduction to IFRS
- What is IFRS?
- Overview of IFRS principles and objectives
- Adoption and implementation worldwide
Topic 3: Importance of IFRS in Corporate Tax Law
- Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods
- Article 20 - Rules for Determining Taxable Income
- Alignment of IFRS with corporate tax regulations
- Implications for tax planning and compliance
Topic 4: Understanding Key Concepts in IAS 12
- Accounting Profit vs. Taxable Profit (Tax Loss)
- Current Tax vs. Tax Expense
- Tax Base of an Asset/Liability
- Temporary Difference – Taxable/Deductible
- Deferred Tax Liability/Assets
- Practical applications and examples
Topic 5: IAS 12 - Disclosures
- Disclosure requirements under IAS 12
- Transparency and communication of tax-related information
- Impact on financial statement users and stakeholders
Learning Outcomes:
By the end of this course, you will:
- Understand IAS 12 - Income Taxes, its scope, objectives, and key concepts.
- Grasp the importance of IFRS in corporate tax law and its alignment with tax regulations.
- Recognize key elements in IAS 12, such as accounting profit, taxable profit, current tax, and deferred tax.
- Interpret disclosure requirements under IAS 12 to ensure transparency in financial reporting.
- Apply theoretical knowledge to real-world scenarios, enhancing your analytical skills and decision-making abilities.
- Collaborate effectively with peers through group discussions and presentations, promoting knowledge exchange and deeper understanding of the subject matter.
Sneh is a seasoned finance professional with diverse experience in multinational manufacturing and service/software industries. Skilled in financial analysis, planning, internal controls, reporting, and treasury management, Lohia excels in IFRS, statutory audits, and cross-country consolidations. She holds degrees from ICAI, ICAEW, and an MBA from Global Next University.