• Understand the basic principle and objective of accounting for income taxes
  • Distinguish the taxes that fall in or outside the scope of IAS 12
  • Identify some of the key areas of the standard which require significant judgement


Detailed Objectives

A) Recognition & measurement

  • Understand the basic concepts of the current tax provision
  • Determine the tax base of an asset of liability and the resultant temporary difference
  • Identify exceptions within IAS 12
  • Understand and apply the recognition criteria of deferred taxes
  • Understand where income taxes should be recognised in the financial statement


B) Presentation & disclosure

  • Understand and apply the presentation criteria of IAS 12
  • Understand and apply the offsetting criteria for both current and deferred taxes
  • Understand the disclosure requirements of IAS 12


C) Bank specific topics

  • Understand the basics and the tax treatment of certain bank specific topics, such as financial instruments at fair value and compound financial instruments