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Class 1: Wednesday, March 10, 2021 7:14 PM

The document outlines a series of classes focused on IAS 12, which deals with deferred tax. It includes examples of accounting and tax treatments for various transactions, such as time-barred payables and share options. The classes span from March 10 to April 12, 2021, detailing specific scenarios and calculations related to deferred tax assets and liabilities.

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5 views59 pages

Class 1: Wednesday, March 10, 2021 7:14 PM

The document outlines a series of classes focused on IAS 12, which deals with deferred tax. It includes examples of accounting and tax treatments for various transactions, such as time-barred payables and share options. The classes span from March 10 to April 12, 2021, detailing specific scenarios and calculations related to deferred tax assets and liabilities.

Uploaded by

mkukhanurb
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Class 1

Wednesday, March 10, 2021 7:14 PM

IAS 12 Def Tax Page 1


IAS 12 Def Tax Page 2
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Class 2
Monday, March 15, 2021 7:23 PM

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Class 3
Wednesday, March 17, 2021 7:32 PM

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Class 4
Saturday, March 20, 2021 1:18 PM

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Class 5
Monday, March 22, 2021 7:28 PM

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\

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1. Payables becoming time barred during the year are treated as taxable income and are added to
accounting income in the calculation of taxable income.
2. Time barred payables paid during the year shall be treated as tax Expense and shall be deducted from
accounting profit in the calculation of taxable income
3. Deferred Tax Asset shall be recognized against TBP as they will be allowed as an expense when paid

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Class 6
Wednesday, March 24, 2021 7:20 PM

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IAS 12 Def Tax Page 25
Treatment of prior year losses
Question 26
ABL Limited has managed to earn an accounting profit of Rs 5,000 during the year of its incorporation.
Following transactions pertain to ABL:

1. Accounting depreciation Rs 45,000 where the tax depreciation amounted to Rs 80,000. Cost of the plant
was Rs 600,000
2. Fee income still receivable Rs 40,000
3. Gratuity provision outstanding Rs 17,000.

Next year

1. Accounting Income Rs 700,000


2. Accounting depreciation Rs 45,000 where the tax depreciation amounted to Rs 64,000
3. Fee received during the year Rs 80,000 and further accured Rs 100,000
4. Closing balance of provision against gratuity Rs 25,000 while gratuity paid Rs 12,000

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Class 7
Saturday, March 27, 2021 1:20 PM

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Class 8
Saturday, April 3, 2021 1:19 PM

Question 50
On 1 January 20X3, 100,000 options are issued with a fair value of Rs 3.6 per option.
The vesting period is 3 years and all options are expected to be exercised. All of the
share options are exercised in year 4. The tax rate is 30%. The intrinsic value of the
share options (that is, market value of the underlying shares less exercise price) at the

IAS 12 Def Tax Page 33


share options (that is, market value of the underlying shares less exercise price) at the
end of years 1, 2 and 3 and at the date of exercise in year 4 is Rs 3.3, Rs 3.00, Rs 3.8
and Rs 4.00 respectively.

IAS 12 Def Tax Page 34


Question 51

At the start of 2002 Zahid and company issued 1,000 share options with a fair value at the issuance
date of Rs 10 per option. The vesting period is 4years. All the options are expected to be exercised.
The intrinsic value of the options at the end of the every year is:
Year 1 Rs 5 per option
Year 2 Rs 10 per option
Year 3 Rs 13 per option
Year 4 Rs 11 per option

IAS 12 Def Tax Page 35


Class 9
Sunday, April 4, 2021 3:16 PM

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Class 10
Monday, April 5, 2021 7:15 PM

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Class 11
Wednesday, April 7, 2021 7:45 PM

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Class 12
Sunday, April 11, 2021 3:44 PM

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Class 13
Monday, April 12, 2021 7:16 PM

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