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 presentation examines Australia's new IFRS compliant tax effect accounting standard – AASB 112.
This presentation 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.