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Deferred Tax and Tax Reconciliations

Understanding deferred tax and its link to the effective tax rate

Business Development Masterclass

A half-day live webinar

This course is a ‘must know’ for;
  • accountants and tax professional who need to calculate or review deferred tax and tax reconciliation statements under either UK GAAP or IFRS
The course is a ‘nice to know’ for;
  • CFOs, FDs and FCs looking to understand how deferred tax can affect their financial performance and position and why their effective tax rate is different to the applicable tax rate of the company.

  • The course is highly practical and will include multiple examples to assist with understanding the rules
  • It is presented by an independent training professional and can be a completely independent look at the issues raised
  • The course will encourage participation and allow for all questions and clarifications to be considered
  • The course will always be completely current and relevant

  • The role of deferred tax in financial statements
  • Understand when deferred tax is required under UK GAAP and how to calculate it
  • Understand how deferred tax is calculated under IFRS, including the effect of the initial recognition exemption
  • Identify all reconciling items to produce the tax reconciliations required by UK GAAP and IFRS, including the effect of the 130% super-deduction introduced by Finance Act 2021
  • How future changes in tax rates affect the calculation of deferred tax

  • Introduction to the concept of deferred tax and why we use it
  • Deferred tax under UK GAAP
    • General principles
    • Permanent differences v timing differences
    • Introductory examples
  • Deferred tax under IFRS
    • General principles
    • Tax base of assets
    • Tax base of liabilities
    • Taxable temporary differences
    • Deductible temporary differences
    • Initial recognition exemption
    • Introductory examples
  • Recognition of deferred tax assets
    • Including dealing with loss carryforwards
  • Dealing with tax rate changes
  • Examples with live tax rates (25%/26.5% from 1 April 2023)
  • Tax reconciliations – identifying reconciling items
  • Examples – deferred tax and tax reconciliations
    • Capital allowances – including the 130% super-deduction
    • Research and development costs – SME relief and RDEC
    • Investment properties
    • Gains rolled over
    • Voluntary revaluations
    • Interest free loans
    • Loan relationships and derivatives
    • Consolidations and business combinations
    • Defined benefit pension plans
    • Share-based payments – differences between deferred tax recognition under UK GAAP and IFRS
  • Presentation and disclosures – UK GAAP and IFRS

The trainer is a UK Chartered Accountant and Chartered Tax Advisor with over 30 years’ experience of providing technical training on financial reporting and tax topics.

He also provides consultancy advice to accounting firms and businesses on a variety of complex financial reporting and tax topics.

His training sessions are designed to be practical, commercially relevant and interesting.

This course is designed to help attendees understand the bases on which deferred tax is calculated under both UK GAAP (FRS 102) and IFRS (or FRS 101).

It will also enable attendees to calculate deferred tax assets and liabilities accurately and understand when deferred tax assets should be recognised in the financial statements and when deferred tax affects the tax expense in the income statement and when it is recognised in other comprehensive income or equity.

It will also assist attendees in preparing or auditing the tax reconciliation required for medium and large companies to ensure that the difference between the actual tax expense in the income statement and the product of the accounting profit before tax and the statutory tax rate is fully reconciled with no ‘rounding differences’ or ‘other differences’ that have not been explained.

  • Covered a lot of examples, difficult aspects were explained in a way that was easy to understand.
Number of places:

Last Few Places Available

£895.00

Per participant
Discounts available for multiple place booking find out more
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