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Lecture notes of 120 pages for the course TEFL Teacher Training at TEFL Teacher Training (Test)
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FINANCIAL REPORTING III(ACC3009W)
2019
THIRD QUARTER PACK
“You are what you repeatedly do. Excellence, then, is not an act but a habit.”
Will Durant
CONTENTS:
x Income taxes (Part 2)
x Group accounting
x Tutorial questions (separate pack)
x Tutorial solutions (separate pack)
TUTORIALS
Week Tutorials to be completed
14 15 July No tutorials
15 22 July 15.1, 15.2, Sticky Fingers case study*
16 29 July 16.1, 16.2, 16.3*
17 05 August 17.1, 17.2, 17.3*
18 12 August 18.1, 18.2, 18.3*
19 19 August 19.1*, 19.2, 19.3**
20 26 August SEPTEMBER VAC/STUDY BREAK
21 02 September Test week - No tutorials
ACC3009W September test (case study based)
22 09 September 20.1*, 20.2, 20.3, 20.4**, 20.5**
* Unseen (no solution provided)
** These tutorials are included as additional tutorials which are not for the week as
indicated but which you may do over the course of the quarter/semester if you are
looking for additional examples, to integrate your knowledge, revisit topics covered
previously and/or as part of your revision for term tests and/or exams. These tutorials
will not be addressed in tutorials. Note that you will not be given a separate ‘revision’
module.
third quarter cover page
,ACCOUNTING FOR INCOME TAXES
Readings
- IAS12, Income taxes
Learning outcome
By the end of this module, students should:
x Have revised accounting for income taxes (covered in semester 1)
x Be able to account for deferred tax assets
x Be able to identify and apply the financial reporting principles relating to the income tax
implications of tax losses
Contents
x Learning pathway
x Checklist of understanding from semester 1 deferred tax
x Extract of textbook “IFRS Principles, Fourth edition – Lubbe, Modack, Watson”
x Lecture Example 1
x Tutorials
x Tutorial solutions
G:\Accounting\FinAccounting\undergraduate\2017\ACC3009W\Coursematerial\1_FR3_2017_Income
Taxes_cover page.docx
,Learning Path: Deferred Tax Assets
This document outlines the steps you need to take in order to ensure that you
understand how to account for deferred tax debit balances
Important things to consider
i This section is a continuation of the work that you have covered in Term 1. It is imperative
that you have a solid understanding of the previous content as much of your understanding
of debit balances hinges on your understand of deferred tax principles previously covered.
i Use the check your understanding checklist on the next page to ensure that you
understand the principles laid out therein before beginning this module.
i Following from the point above, you also need a solid understanding of Assessed Losses
which you would have covered in Taxation I.
i Each of the steps below must be carefully followed to ensure that you master the concepts.
Failing to do anyone of them could result in significant knowledge gaps.
i Remember that you can consult with tutors and lecturers but they will not be teaching you
any of the content! You need to demonstrate that you have attempted the work on your
own.
i Remember…
Step 1: Readings
In order to make sure that you fully understand the topic you will need to do a bit of
reading. The first thing to note is that the following paragraphs deal with deferred tax debit
balances:
IAS12 Income Taxes
24 - 31 Deductible temporary differences
32A Goodwill (if deductible for tax purposes)
33 Initial recognition
34 – 36 Unused tax losses and unused tax credits
37, 56 Reassessment of unrecognised deferred tax assets
80 (e, f, g) Disclosure relating to deferred tax assets and tax losses (P/L)
81 (e, 82) Disclosure relating to recognition (non-recognition) of deferred tax assets
, The paragraphs above should be read in conjunction with the extract from the following
textbook: Financial Accounting IFRS Principles 4th edition by Lubbe, Modack & Watson.
Step 2: Watch the following video
The following video can be found on the Learn Accounting website:
http://learnaccounting.uct.ac.za
The video can be found by clicking on:
Financial Reporting
Advanced
Scroll down to find the video
Step: 3 Work through an example
Work through the Example 1. The example has been annotated to better assist your
understanding of where the numbers come from.
Step 4: Now you can attempt your tuts
It is important that you attempt the seen tut before doing the unseen tut. When working
through the seen tut, it is important to work through them and review your answers
afterward. You should aim to understand why you got the answer incorrect instead on
what the correct answer is.
Once you have worked through the seen tut, then you are ready to attempt the unseen!
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