Corporate Tax
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Considering a 360 on Leases: Tax vs IFRS for SME (Session 1) 2021

CPD Hours: 2

Price: R475.00


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Title / Topic

Considering a 360 on Leases: Tax vs IFRS for SME (Session 1) 2021


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.

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