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IFRS Viewpoint - Grant Thornton International Ltd. Home
https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-8---consequences-of-the-us-tax-reform.pdf#:~:text=Backwards%20tracing%20Under%20IAS%2012%2C%20current%20tax%20and,or%20loss%20%28a%20process%20known%20as%20%E2%80%98backwards%20tracing%E2%80%99%29.
Income Taxes — Backwards Tracing - IAS Plus
https://www.iasplus.com/en/meeting-notes/iasb/2004/agenda_0409/agenda446
As part of the short-term convergence project, the IASB and FASB have been considering differences between IAS 12 Income Taxes and FASB Statement 109 Accounting for Income Taxes, and developing tentative conclusions with the goal of achieving convergence on these two standards.One of the issues that is being considered as part of this project is the …
Income taxes: Top 10 differences between IFRS and US …
https://advisory.kpmg.us/articles/2018/ias-12-vs-asc-740.html
While using the same principles, accounting for income tax under IAS 12 has differences from ASC 740. Careers Alumni Media Social About Contact × ...
Short-term Convergence — Income Taxes - IAS Plus
https://www.iasplus.com/en/meeting-notes/iasb/2004/agenda_0410/agenda463
in researching the differences between ias 12 and sfas 109 on the backwards tracing issue, the staffs identified that backwards tracing was a subset of a bigger difference between the two standards, namely intraperiod allocation (i.e. the manner in which the two standards allocate income taxes to different components of comprehensive income) …
"Backwards tracing": An important step forward in tracing ...
https://www.osborneclarke.com/insights/backwards-tracing-an-important-step-forward-in-tracing-funds-internationally
Tracing back to UK assets. The Privy Council’s decision is not binding on the English courts, but will be highly persuasive throughout the common law jurisdictions. As such, it is likely that where a victim of fraud can establish the necessary causal and transactional link backwards tracing may be permitted under English law.
Topic 206 - Income taxes - BDO
https://www.bdo.global/en-gb/microsites/ifrs/resource-library-1/topic206
This is sometimes referred to as ‘backwards tracing’ as IAS 12 requires an entity to trace the origins of tax and record the tax effect in the same way as the underlying event or transaction. How is the tax effect of a transaction recognised directly in equity recorded? Analysis: Entity A issues common shares and receives CU100 of ...
IFRS Viewpoint - Grant Thornton International Ltd. …
https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-8---consequences-of-the-us-tax-reform.pdf
Backwards tracing Under IAS 12, current tax and deferred tax must be recognised outside profit or loss if the tax relates to items that are recognised outside profit or loss (a process known as ‘backwards tracing’).
A big step forwards for backwards tracing
https://www.cfla.org.uk/wp-content/uploads/A-big-step-forrwards-for-backwards-tracing.pdf
for backwards tracing A review of a recent Privy Council ruling that relaxes the restrictions on recovering fraudulent payments through backwards tracing By Alan Sheeley and Craig Connal QC • Tracing is the process of identifying a new asset as a substitute for the old.1 For example, if C gave A GBP5,000 for a car taken from B, B could choose
The Effect of IFRS Implementation on Tax
https://www.thetaxadviser.com/issues/2009/dec/theeffectofifrsimplementationontax.html
Backward tracing refers to the current treatment under IAS 12 where subsequent changes to those amounts are also allocated to OCI or equity as applicable.
IFRS Tax accounting seminar
https://assets.kpmg/content/dam/kpmg/nl/pdf/2019/advisory/ifrs-tax-accounting-seminar-nov-dec-2019.pdf
Previous lack of guidance in IAS 12 resulted in diversity in practice. Determine if, when and how a tax uncertainty should be reflected in the financial statements. ... Recognising current and deferred tax –Backward Tracing CIT Rates Current and deferred tax is recognised consistently with the underlying transaction or event to which it relates
In depth A look at current financial reporting issues
https://www.pwc.com/gx/en/audit-services/ifrs/publications/ifrs-tax-accounting-effects-of-the-us-tax-reform.pdf
specifically by IAS 12. Recognition in the year in which the deductions are included in the tax return would be an acceptable approach under IFRS, on the basis that it is foreign sales in each year that trigger the deduction. It might also be acceptable to include the impact in the tax rate used to measure deferred taxes on
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