Considering a 360 on Leases: Tax vs IFRS for SME (Session 2) 2021


Date: May 11, 2021 - May 11, 2021

CPD hours: 2 Hours

Time: 15:00 - 17:00

Event Type: Webinar

Presenter: Carmen Westermeyer
Presenter: Caryn Maitland CA (SA)

Given the fundamentally different approaches to how leases are accounted for in terms of International Financial Reporting Standards (IFRS), the Income Tax Act and the VAT Act, leases have become extremely complex to deal with in practice

Overview

Given the fundamentally different approaches to how leases are accounted for in terms of International Financial Reporting Standards (IFRS), the Income Tax Act and the VAT Act, leases have become extremely complex to deal with in practice. The aim of this webinar series is to look at the principles that are applied in each of those areas and how it influences the financial records and the respective tax returns. In order to make an informed decision when entering into a lease agreement, a holistic understanding of all the consequences is necessary. The first session will focus primarily on IFRS and the second session on tax.


Webinar series content

Some of the key aspects that we will cover include:

  • When is an agreement entered into a lease as defined in terms of IFRS versus when is it deemed a lease for income tax and VAT purposes?
  • What is the IFRS and the tax treatment of leases?
  • What are the differences in accounting and tax approaches and what problems could arise due to this?
  • How to account for leasehold improvements?
  • What deferred tax considerations could arise?

 We aim to unpack these questions during these two webinar sessions. By having both a IFRS and a tax specialist sharing their expertise, delegates are guaranteed to get a complete and holistic view of the topic.


Outcomes

After attending this webinar series, delegates will have gained an understanding of the following competencies:

  • Understand the difference between a lease and an instalment sale agreement.
  • Be able to account for a lease in terms of IFRS, the Income Tax Act and the VAT Act.
  • Have a broad understanding of the deferred tax consequences of a lease.
  • Be able to appropriately disclose a lease in the financial records of the company.

Who should attend?

This webinar series is aimed at tax practitioners, accountants, financial managers, chartered accountants, tax managers, business owners and all parties who need to understand the financial consequences of a lease.


Presenter

Carmen Westermeyer


BCom(Honours Accounting) [UND] CA(SA)
 
Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC in 2004. She has been a member of SAICA since then.

Carmen stayed with PwC for a year as Assistant Manager, venturing into the world of commerce in 2006. In 2008, she was appointed as a lecturer at UKZN and coordinated the Taxation 300 course until December 2010. From 1 January 2010, Carmen took over the role of Academic Leader for the Taxation Department, as well as the coordination of the Postgraduate Taxation Programme. During her time as Academic Leader she had numerous opportunities to liase with SAICA on issues relating to the ITC, as well as being a member of the Tax Committee.

In December 2012 she started running ad hoc training courses for members of the profession. From December 2013, she moved into commercial training and consulting on a full-time basis. She has been involved in various training activities, such as the SAICA SMP training in 2014 and the FASSET Budget and Tax Update in 2015 and 2016.


Caryn Maitland

BCom(Honours Accounting) [UNP] CA(SA)

Caryn Maitland graduated in 1998 from the University of Natal, Pietermaritzburg (now UKZN), with a BCom Honours degree in Accounting and completed her articles with KPMG in 2001 and qualified as a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002 and is also a registered member of SAICA.

Caryn has lectured in Auditing, second and third year subjects, for Varsity College from 1999 to 2001. In 2002, she was appointed as senior lecturer at UKZN and coordinated the Financial Accounting 300 course until June 2006. In addition, she has lectured in Advanced Financial Accounting since June 2006 until December 2011, co-ordinating the module on the Pietermaritzburg campus. During her time at UKZN she also lectured Financial Management for non-financial students registered for the MBA programme as well as the Post Graduate Diploma for Finance Banking and Investment (2002–2006).

Caryn has conducted independent workshops and seminars for professional accountants since 2006 on various topics, and has consulted on a number of technical issues. Since January 2011, she has focused on her own business as technical freelance consultant and trainer to those working within the accounting profession dealing with financial reporting, legislation, assurance and ethics. Caryn has worked closely with the Chartered Secretaries since 2011, which is where her love for legislation and particularly the Companies Act was born. Having recently qualified as a Probe MMX presenter, Caryn enjoys assisting practitioners in a practical and integrated manner to find solutions to challenges the profession faces, especially in the accounting, legislation and assurance landscape.

Caryn is a register SAICA Assessor ad enjoys being involved with the development and mentoring of trainees. Caryn has also held the position of Financial Manager at PMB Security CC since 2002 until January 2016, a business run by her family.

Caryn was appointed as a visiting Associate Professor to the University of Limpopo tasked with mentoring their Financial Accounting staff (Aug 2011 to Dec 2013). And is still and external moderator for their financial accounting exams

Caryn also held the position Editor-in-Chief of an online continual professional development (CPD) website for accounting professional, eCPD Accountancy, having resigned from this post in September 2013.

Caryn’s passion is IFRS and IFRS for SME’s, and was delighted at the opportunity granted in 2013 to serve on the APC subcommittee constituted to investigate the need for Micro GAAP and the role of IFRS for SME’s for small and medium sized practitioners.

Caryn has enjoyed presenting on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well at the FASSET national tour for the Tax Administration Act in 2014.

Caryn has also loved every minute of being part of the SAICA SMP Technical tour (2014 to present) presenting in both the Legal and Accounting aspects, and recently (April 2016) presented the Attorney Trust Engagement session for SAICA under the assurance banner.


CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.


Event Investment

This does not form part of the 2021 CPD subscription packages.

Other member: R475.00  

Company price (five attendees maximum): R950.00 


Payments & Cancellations

  • All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.

  • Kindly note that should payment not been received 2 days after the event, legal action will be taken

  • Proof of payment will be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.

  • Only written notice of cancellation will be recognised.

  • Cancellation Conditions:

    • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.

    • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.

  • Delegates who book and fail to attend will be liable for the full event fee.

  • SAIT's liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.

  • Please click here for the full terms and conditions.

 

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