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Lecture week 3 + summary A&W/PHP
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PHP: 4 A&W: 6, 14, 15 (chapters not included are already summarized in other lecture notes)
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Advanced Financial AccountingPHP: 4
A&W: 6, 14, 15
Hoofdstuk 15: International taxation
There are three main types of taxation that are ‘costs’ to the company
1) Social security charges
2) Local/regional taxes
3) National corporate income taxes
4) (Value-added tax = VAT)
Reconciliation statement between accounting profit and taxable profit:
Accounting profit before tax:
Add back: Disallowed expenses (entertaining, fines, excess depreciation, excess provisions)
Deduct: Special allowances for capital investment, environmental protection
= Taxable profit
Problem in corporate taxation is the potential of double taxation of dividend (corporate
and personal tax). A dividend tax credit is intended to remove double taxation and to
ensure only personal income is taxed.
Deferred taxes (expense/income) arise in the statement of profit or loss when the amount
of taxes payable in the current period (current tax expense) does not correspond with the
amount of tax expense for the period based on the pre-tax profit reported in financial
statement. It will reflect future tax consequences of transactions that were not treated
identically for taxation/financial reporting purposes.
Two kinds of difference between the accounting measure of profit and tax authorities’
measure:
1) Permanent differences – arise because tax authorities do not accept some expenses
as deduction of taxable profits (fines, bribes etc)
2) Reversing time differences – arise because the timing of the recognition of revenue,
expenses, gains and losses in statement of profit/loss occurs in a different period
from taxable profit.
IAS 12 acknowledges two types of temporary difference:
1) Taxable temporary differences that result in deferred tax liabilities
2) Deductible temporary different that result in deferred tax assets
, Carrying amount – Tax base = Temporary difference
(as per financial statements) (as per tax return)
Deductible Taxable
Temporary difference Temporary difference
Will result in a reduction in taxable profit in Will result in an increase in taxable profit in
future when carrying amount of the the future when the carrying amount of the
asset/liability is recovered or settled asset/liability is recovered or settled
Deferred Tax Asset Deferred Tax Liability
Tax loss carryforward = a tax rule that allows a company to carry over a loss to future years
to offset a profit (represents future tax savings).
Deferred tax assets/liabilities are presented separately from all other assets/liabilities as
non-current items.
Questions:
1) Is all the tax that a group pays visible in the financial statements?
2) Explain how VAT is accounted for in a wholesale company. Use an example of a sales
invoice and of a purchase invoice to illustrate your reasoning. Refer to defintions of
elements of financial statements as provided by the IASB Conceptual Framework to
back up your case
3) Contrast the deferred tax concepts of ‘timing differences’ and ‘temporary
differences’
4) For what purposes may a tax haven be profitably used by an multinational group?
Lecture 3
▪ Liabilities – Can be divided into provisions/short-term and long-term liabilities. Liabilities
will not be discussed in separate standards; it is discussed in other standards. Provisions are
discussed in three different standards. Pension provisions are in IAS19, provision for tax
liabilities is in IAS12, other provision (warranty etc) IAS 37
▪ Relevant literature: – PHP: Chapter 4 – A & W: 6,14,15
IAS 37 – Provisions
Other provisions. Three categories: Pension obligation provisions, provision for tax
liabilities and the other provisions. Many other provisions, mainly in the financial statements
the provision for warranty, claims, restructuring purposes and sometimes for cleaning
pollution (company buys land that is polluted, obliged to clean the land, create a provision
because you have the liability to clean it in the future)
General notes:
▪ Note structure of standard:
– Follows Framework sequence of definition, recognition, measurement
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