IAS 12 Income Taxes implements what is known as the full or comprehensive balance sheet approach of accounting for income taxes. Under this approach, an entity recognises both the current and the future tax consequences of transactions and events as well as the future recovery or settlement of the carrying amount of an entity’s assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities and carried forward tax losses and credits, are recognised, with limited exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a ‘probable profits’ test.

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Speaker

Kevin Vassallo is a senior executive at the Central Bank of Malta. He is a certified public accountant by profession and holds a post-graduate degree in the science of finance. His work experience includes internal audit, human resources management, portfolio management in the money & fixed-income markets, foreign exchange and risk management. He is currently a risk manager and also an ACCA tutor for BPP in advanced corporate reporting.