Course Overview

This online course will recap on the fundamentals on the recognition and measurement of current and deferred taxes in the financial statements. It will highlight common errors noted and go through detailed examples.

Specific topics covered include:

Current tax

  • What rate to utilise?
  • Uncertain tax positions
  • Research and development tax credit – where to classify?
  • Close company surcharges
  • Disclosures of Full FRS 102 and S1A

Deferred tax

  • Explanation of deferred tax including permanent and temporary differences;
  • Steps involved in recognising deferred tax
  • Assessing when to recognise deferred tax assets & assessing how far to look into the future in determining amount to recognise;
  • Exceptions to the recognition of deferred tax in certain circumstances;
  • What rates to use and how to determine this?
  • Common errors noted on files and in financial statements;
  • Practical examples on the calculation and recognition of deferred tax dealing with offsetting, investment property, revaluations, pensions, royalties, finance leases, shares, tangible fixed assets partly allowable for capital allowance purposes.
  • Disclosures of Full FRS 102 and S1A

CPD Facilitators

John Murphy: Tax, Corporate Restructuring and Practice Support, OmniPro

As a lead member of our technical support team, John relishes problem-solving to help accountants develop innovative client solutions and sharing his technical knowledge on tax, financial reporting and auditing.

He provides support, training and advice to OmniPro clients on financial reporting, auditing and company law matter and conducts company valuations.  In addition, as a Chartered Tax Adviser, he advises on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits.

A Chartered Accountant and Qualified Financial Adviser, John has over a decade’s Big 4 experience with EY and PwC, providing tax and audit services for a portfolio of clients, ranging in scale from SMEs to multinationals.

Garret Wynne: Practice Support

As one of the lead members of our Practice Support team, Garret’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and deal with disciplinary issues.

A former quality reviewer with Chartered Accountants Ireland, he has worked with all institutes, including CAI, ACCA, CPA, IIPA, ICAS and ICAEW, and solely as an external quality assurance reviewer for an accounting institute under contract with OmniPro.