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1 Professional Accounting Education Provided by Academy of Professional ACCA Research Accounting Institute (APA) ACCA P2 Corporate reporting(int.) Chapter 25 IAS12 Income tax ACCA Lecturer: Roy Wang ACCAspace 中国 ACCA 特许公认会计师教育平台 Copyright ACCAspace.com

2 影响 Tax expense 的三部分 1)current tax payable 2)provision 3)Deffered tax 2

3 Current tax 3

4 Current tax is estimated at the end of the financial year and charged to the SOPL,and paid in the following year. At the year end: DR taxation expense(sopl) CR taxation liability(sofp) Next year: DR taxation liability (SOFP) CR bank 4

5 Example : A estimated last year s tax charge to be $200,000 at on Dece ON 1 March 2016 A settled their income tax and paid cash to the tax authorities of $250,000. On 31.Dec A estimated that this year s income tax to be $250,000. On 1 March 2017 A settled their income tax and paid cash to the tax authorities of $230,000. 5

6 2015 Dr Tax expense 200,000 CR tax liability 200, DR tax expense 50,000 CR tax liability 50,000 DR tax liability 250,000 CR bank 250,000 DR tax expense 250,000 CR tax liability 250, DR tax liability 20,000 CR tax expense 20,000 DR tax liability 230,000 CR bank 230,000 6

7 Deferred tax 7

8 Asset CV > TB DTL 应纳税暂时性差异 CV< TB DTA 可抵扣暂时性差异 Liability CV > TB DTA 可抵扣暂时性差异 CV< TB DTL 应纳税暂时性差异 8

9 Definition Temporary difference (TD): Temporary difference between carrying value and tax base. Carrying value(cv):carrying value of asset or liability. Tax base(tb):tax base in the tax regulation(difference between the accountant and taxation) Deferred tax(dt):deferred tax liability or asset. DT=TD*CT% TD=CV-TB 9

10 CV: SOFP Tax base: 税局规定的计税基础例如 : 对于某个 PPE, 公司按直线法折旧, 但是税局规定该类资产必须采用双倍余额递减法, 因此就会造成折旧金额不同, 此时,TB 就是用双倍余额递减法折旧后的资产价值 10

11 PPE Example: 日,A 购买了一个固定资产, 花费 10 万元, 计提折旧年限为 10 年, 采用直线法计提折旧税法规定该类固定资产需使用双倍余额递减法计提折旧我们来看折旧在利润表的影响, 从而得出是 DTA 还是 DTL 的结论 CV TB Sales 100, ,000 DEP 10,000 20,000 PBT 90,000 80,000 27,000 24,000 Profit 63,000 66,000 在这里我们可以看出因为 dep 的差异造成了 tax 的不同, 而企业最终缴纳 tax 时, 是以 tax base 来交, 也就是 24,000, 所以与 27,000 有 3,000 的差异, 这 3,000 的差异就形成了 DTL. 因为本来按照账面来说是要缴纳 27,000 的税, 但是最终只交了 24,000, 剩余的 3,000 以后缴纳 11

12 Revaluation A purchased a building at the year start for $800,000.The life of the building is 10 years and there is no residual value.capital allowances are allowed at 40% for the year.at the year end the building is revalued to $900,000.Corporation tax rate is 30%. 12

13 CV=$800,000-80,000=$720,000 TB=$800, *$800,000=$480,000 Revalued CV=$900,000 CV Remove=900, ,000=180,000 TB=$480,000 TD=$900,000-$480,000=$420,000 Dt=TD*30%=$420,000*30%=$126,000 DR Income tax expense 72,000 DR OCI 54,000 CR deferred tax liability 126,000 13

14 URP Sales 100,profit 20,cost 80,A sold to subsidiary.half of the inventories are still unsold.tax rate 30%. Carrying value=100-10=90 TB=100 DTA=10*0.3=3 DR DTA 3 CR p/l 3 DR cost of sales 10 CR Inventory 10 14

15 Provision Tax authority recognize environmental costs as the cash flow. So tax base=0 15

16 Environmental provision $40m Corporation tax rate 30% Tax authority recog. Environmental cost as the CF. CV=40 TB=0 TD=40 DTA=40*0.3=12 16

17 Example (Pilot paper) 17

18 The following statement of financial position relates to K Group,a public limited company,at 30 June

19 The following information is relevant to the above statement of financial position: (i) The financial assets are classified as 'investments in equity instruments' but are shown in the above statement of financial position at their cost on 1 July 20X5.The market value of the assets is $10.5 million on 30 June 20X6. Taxation is payable on the sale of the assets. As allowed by IFRS 9, an irrevocable election was made for changes in fair value to go through other comprehensive income (not reclassified to profit or loss). 19

20 (ii) The stated interest rate for the long term borrowing is 8%. The loan of $10 million represents a convertible bond which has a liability component of $9.6 million and an equity component of $0.4 million. The bond was issued on 30 June 20X6. 20

21 (iii) The defined benefit plan had a rule change on 1 July 20X5, giving rise to past service costs of $520,000. The past service costs have not been accounted for. 21

22 22

23 Required:Calculate the deferred tax liability at 30 June 20X6 after any necessary adjustments to the financial statements showing how the deferred tax liability would be dealt with in the financial statements. (Assume that any adjustments do not affect current tax. Candidates should briefly discuss the adjustments required to calculate deferred tax liability.) 23

24 Answer 24

25 1)Financial CV=10,500 TB=9,000 TD=1,500 DT=1,500%30%=450 DR OCI 450 CR DTL

26 2)Convertible bond DR bond 400 CR equity 400 CV= 9,600 TB=10,000 TD=400 DT=400*30%=120 DR OCI 120 CR DTL

27 3)Defined benefit plan CV=4520 TB=5000 TD=480*30%=144 DR p/l 144 CR DTL

28 4)Other CV TB TDX % DT PPE 10,000 2,400 7, ,280 Receiv able Other receiva ble 7,000 7, ,600 5, DTL=2, =2,010 DR P/L 2,010 CR DTL 2,010 28

29 Professional Accounting Education Provided by Academy of Professional Accounting (APA) ACCA Research Institute

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