Understanding Deferred Tax under UK GAAP and IFRS

Overview 

This course explores the role of deferred tax in financial statements, focusing on its application under both UK GAAP and IFRS. Participants will learn when deferred tax is required, how to calculate it accurately - including the impact of the initial recognition exemption under IFRS, and how to identify reconciling items for tax reconciliations.

The course also covers how future changes in legislated tax rates influence deferred tax calculations.

Course content:

• Introduction to the concept of deferred tax and why we use it

• Deferred tax under UK GAAP

• General principles

• Permanent differences v timing differences

• Introductory examples

• Deferred tax under IFRS

• General principles

• Tax base of assets

• Tax base of liabilities

• Taxable temporary differences

• Deductible temporary differences

• Initial recognition exemption

• Recognition of deferred tax assets, including dealing with loss carryforwards

• Dealing with tax rate changes

• Tax reconciliations – identifying reconciling items

• Examples – deferred tax and tax reconciliations

• Capital allowances

• Research and development costs – SME relief and RDEC

• Investment properties

• Gains rolled over

• Voluntary revaluations

• Loan relationships and derivatives

• Consolidations and business combinations

• Defined benefit pension plans

• Share-based payments – differences between deferred tax recognition under UK GAAP and IFRS

• Presentation and disclosures – UK GAAP and IFRS

Malcolm Greenbaum

Malcolm is a UK Chartered Accountant and Chartered Tax Advisor winning the John Wood Medal in the November 1995 CIOT sitting for the best paper on business taxation. He was previously Director of Finance and Taxation Programmes at BPP Professional Education and has delivered IFRS, US GAAP, UK Tax and VAT to a multitude of organisations world-wide since 1992.

Malcolm has particular experience in delivering bespoke IFRS and US GAAP training programmes to multi-nationals in the financial services, transport and energy sectors as well as delivering UK tax and VAT update programmes to accounting and law firms.

He is passionate about training, and his enthusiasm ensures that the participants enjoy the learning experience whilst gaining knowledge through their engagement in the sessions and through encouraging them to ask questions and discuss practical issues they may have.

Malcolm also provides consultancy services to companies and accounting firms, including the provision of tax and VAT advice, reviewing accounting policy manuals and advising on accounting treatments of various transactions. In his spare time, Malcolm enjoys flying having gained a Private Pilot’s Licence in 2014.

3 CPD units

ACCA members can use this learning to meet their CPD requirements, provided it is relevant to their career. If the event contributes to general knowledge and skills, it should be recorded as non-verifiable CPD. If the learning can be applied in the workplace, it will contribute to verifiable CPD.

1 hour of learning = 1 unit of CPD.

Fee: 133 GBP + VAT (159.60 GBP) per delegate

Please note: If you are unable to join the live webinars, they will be available on-demand 24 hours after the live webinar ends, and you will have access to the sessions for 12 months.

The webinar handout material will be available on the webinar platform when you log in to view, 15 minutes before the live webinar start.

If you wish to view or download handout materials, before the day of the webinar, they will also be available through your document library on https://events.accaglobal.com.

This event is organised by ACCA Continuous Learning.

If you have any queries regarding this event please contact us on: