ACCA PAKISTAN

Graham Holt unravels the deferred tax complexities and latest developments in tax accounting Studying this technical article and answering the related questions can count towards your verifiable CPD if you are following the unit route to CPD and the content is relevant to your learning and development needs. One hour of learning equates to one unit of CPD. We'd suggest that you use this as a guide when allocating yourself CPD units. IAS 12,  Income Taxes , deals with taxes on income, both current tax and deferred tax. Income tax accounting is complex, and preparers and users find some aspects difficult to understand and apply. These difficulties arise from exceptions to the principles in the current standard, and from areas where the accounting does not reflect the economics of the transactions. The current tax expense for a period is based on the taxable and deductible amounts that will be shown on the tax return for the current year. Current tax assets and liabilitie...

The exam year runs from the 1 September to 31 August the following year, for all papers except tax*. Therefore the next syllabus changes will be effective from 1 September 2016 and will include any changes to examinable documents issued up until 1 September 2015.  * The exam year for most tax exams is 1 April 2016 to 31 March 2017 (shortened for the UK tax papers from 1 September 2016 to 31 March 2017 due to the timing of Finance Acts in 2015), with Malaysia and Czech Republic being exceptions. You should refer to the study guide and examinable documents for details of what legislation is examinable in the tax papers. For paper-based exams the updated syllabus will be examined for the first time in the September exam session and for exams available by on-demand CBE (F1, F2, F3 and F4 ENG and GLO) the updated syllabus will be examined from September 2016. Also be aware that ACCA is now offering four exam sessions a year at the Fundamentals and Profes...