Published on 26 Oct 05
by QUEENSLAND DIVISION, THE TAX INSTITUTE
Australian entities are required to present their financial reports in accordance with accounting standards that comply with International Financial Reporting Standards (IFRS) for reporting periods beginning on or after 1 January 2005. This paper examines Australia's new IFRS compliant tax effect accounting standard – AASB 112.
This paper steps through the concepts and processes that you should be applying to your clients or business and to allow you to:
- learn the key requirements of AASB 112 - Accounting for income taxes
- understand the impact that adoption of the standard will have
- apply the standard, prepare a tax balance sheet and formulate the necessary journal entries.
Current at 28 June 2011
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Michael Chang FTIA is an Executive Director in the Corporate Tax Division of Ernst & Young with specialist experience in major infrastructure projects for private equity organisations and managed funds. His focus is on income tax issues related to domestic and outbound expansions for Australian organisations.
Current at 1 August 2008 Current at 30 September 2008
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