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Tax Accounting FY 2011 Essentials

Published on 19 Apr 2011 | Took place at RACV Club, Melbourne, VIC

Tax professionals will appreciate that keeping up-to-date with constant changes to the tax law is an exhausting exercise. However, with the increasing reliance on accounting standards and principles to determine income tax outcomes, tax professionals must also keep abreast of key changes to accounting rules.

This event identified the key, wide ranging, recent developments in accounting standards and principles that may impact income tax outcomes. Income tax rules that are particularly impacted by accounting standards include TOFA 3&4, tax consolidation asset tax cost setting rules and the thin capitalisation rules. The developments may impact existing arrangements and also proposed transactions (including M&A transactions).

This event provided guidance on key recent tax developments and their consequential tax-effect accounting impacts.

Individual sessions

Tax effect accounting

Author(s):  Mark El'Atrache,  Stef MASON

This presentation covers:

  • income tax reporting and compliance cycle
  • overview of AASB 112 concepts:
    • current tax calculation
    • deferred tax calculation
    • presentation & disclosure
    • proofs and reconciliations
  • the transforming tax accounting landscape:
    • accounting changes
    • TOFA
    • thin Capitalisation
    • tax legislative changes on the horizon
    • uncertain tax positions
  • leading practices
    • tax compliance – risk diagnostic.
Materials from this session: