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Income Taxes — Backwards Tracing - IAS Plus — IFRS ...
https://www.iasplus.com/en/meeting-notes/iasb/2004/agenda_0409/agenda446
Backwards tracing is a slang term that refers to the process of remeasuring, in the current year, the after-tax amounts of gains and losses that …
"Backwards tracing": An important step forward in tracing ...
https://www.osborneclarke.com/insights/backwards-tracing-an-important-step-forward-in-tracing-funds-internationally
“backwards tracing”. In other words, the defendants argued that assets already held by a party cannot be identified as being the same assets (for the purposes of tracing) subsequently transferred to that party. If this was correct, then the last three transfers into the New York account could not be equated with
Income taxes: Top 10 differences between IFRS and US …
https://advisory.kpmg.us/articles/2018/ias-12-vs-asc-740.html
This is referred to as ‘backwards-tracing’. Like IFRS, income tax related to items recognized outside profit or loss in the current period is itself recognized outside profit or loss. Unlike IFRS, subsequent changes are generally recognized in profit or loss – …
IFRS Viewpoint
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’). Therefore, current tax and deferred tax that relates to items that are recognised, in the same or a different period:
FASB to Review Backwards Tracing Related to Tax …
https://www.cbh.com/guide/articles/fasb-to-review-backwards-tracing-related-to-tax-reform/
April 4, 2018. The Financial Accounting Standards Board’s (“FASB”) research team plans to review how the tax code changes stemming from the Tax Cuts and Jobs Act (“TCJA”) will impact backwards tracing, which is a practice U.S. GAAP currently prohibits. Backwards tracing is a practice in which the impact of a change in a deferred tax credit or charge is included in the …
Checking for Forward and Backward Traceability in a ...
https://qualityinspection.org/forward-backward-traceability/
Checking forward traceability: taking a batch of materials/components and tracing them through the process, including work in process, all the way to the finished products that were made with those materials/components. Checking backward traceability – this is taking a finished product batch and tracing it, starting from the customer, back ...
What is Forward & Backward Traceability? - IFSQN
https://www.ifsqn.com/forum/index.php/topic/20202-what-is-forward-backward-traceability/
Backward traceability - this is taking a finished product batch and tracing back from customer, back through the process including intermediate products/work in progress to batches of raw materials used. This is specific for the finished product batch. Regards, Tony.
The Effect of IFRS Implementation on Tax
https://www.thetaxadviser.com/issues/2009/dec/theeffectofifrsimplementationontax.html
The exposure draft requires an entity to recognize any change to a tax asset or liability relating to an item accounted for in an earlier period in profit or loss, without any backward tracing. IFRS currently states that current and deferred tax should be charged or credited in other comprehensive income (OCI) or directly in equity if the tax relates to items that were credited …
Top 5 Tax Accounting Differences Between GAAP and IFRS
https://www.linkedin.com/pulse/top-5-tax-accounting-differences-between-gaap-ifrs-neil-bass
IFRS requires a method known as “backward tracing,” in which a company has to analyze each particular item that is booked in OCI or discontinued operations, and record the appropriate tax ...
A Roadmap to Comparing IFRS Standards and U.S. GAAP ...
https://www2.deloitte.com/us/en/pages/audit/articles/us-aers-a-comparison-of-ifrs-standards-and-us-gaap-bridging-the-differences.html
We are pleased to present A Roadmap to Comparing IFRS Standards and U.S. GAAP: Bridging the Differences, which explores some of the key differences between IFRS ® Standards and U.S. GAAP effective as of January 1, 2021, for public business entities that have a calendar-year annual reporting period. Over the years, these differences have decreased for some topics but …
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