International GAAP 2020

Chapter 33Income taxes

• 1 INTRODUCTION
  • 1.1 The nature of taxation
  • 1.2 Allocation between periods
    • 1.2.1 No provision for deferred tax (‘flow through’)
    • 1.2.2 Provision for deferred tax (the temporary difference approach)
  • 1.3 The development of IAS 12
    • 1.3.1 References to taxes in standards other than IAS 12
• 2 OBJECTIVE AND SCOPE OF IAS 12
  • 2.1 Objective
  • 2.2 Overview
• 3 DEFINITIONS
• 4 SCOPE
  • 4.1 What is an ‘income tax’?
    • 4.1.1 Levies
    • 4.1.2 Hybrid taxes (including minimum taxes)
  • 4.2 Withholding and similar taxes
  • 4.3 Investment tax credits
  • 4.4 Interest and penalties
  • 4.5 Effectively tax-free entities
• 5 CURRENT TAX
  • 5.1 Enacted or substantively enacted tax legislation
    • 5.1.1 Meaning of substantive enactment in various jurisdictions
    • 5.1.2 Changes to tax rates and laws enacted before the reporting date
    • 5.1.3 Changes to tax rates and laws enacted after the reporting date
    • 5.1.4 Implications of the decision by the UK to withdraw from the EU
  • 5.2 Uncertain tax treatments
  • 5.3 ‘Prior year adjustments’ of previously presented tax balances and expense (income)
  • 5.4 Discounting of current tax assets and liabilities
  • 5.5 Intra-period allocation, presentation and disclosure
• 6 DEFERRED TAX – TAX BASES AND TEMPORARY DIFFERENCES
  • 6.1 Tax base
    • 6.1.1 Tax base of assets
    • 6.1.2 Tax base of liabilities
    • 6.1.3 Assets and liabilities whose tax base is not immediately apparent
    • 6.1.4 Tax base of items not recognised as assets or liabilities in financial statements
    • 6.1.5 Equity items with a tax base