IFRS for SMEs Section 29: Income Tax and Deferred Tax Explained
Tax accounting is not the same as tax law — and mixing the two causes mistakes. This session explains how current and deferred tax must be accounted for under IFRS for SMEs Section 29.
What will set you apart
By completing this course you will gain the following competencies
- The purpose of Section 29 in the IFRS for SMEs
- The difference between tax law and tax accounting
- How to account for current tax correctly
- What deferred tax really represents in the financial statements
- How temporary differences arise
- How to recognise and measure deferred tax
- Common mistakes made in income tax and deferred tax accounting
Event breakdown
- Scope and purpose of Section 29
- Tax accounting versus tax legislation
- Recognition of current income tax
- Measurement of current tax balances
- Understanding temporary differences
- Recognition of deferred tax assets and liabilities
- Measurement of deferred tax
- Presentation and disclosure requirements
- Common errors and practical considerations
Description
Income tax accounting often causes confusion because it is incorrectly mixed with tax legislation. This session focuses purely on the accounting treatment of income tax and deferred tax as required by IFRS for SMEs Section 29. Delegates will gain a clear understanding of how current tax is recognised and measured, and why deferred tax exists in the financial statements. The session explains temporary differences in simple terms and shows how timing differences between accounting and tax create deferred tax assets and liabilities. The focus is on preparing technically correct financial statements that comply with the standard, rather than calculating tax payable under the Income Tax Act. By the end of the session, delegates will be able to apply Section 29 with confidence and avoid common reporting errors.
Presenters
Nicolene Smit — Nicolene Smit is an accounting professional, academic, and education strategist with experience across professional practice, higher education, and professional body leadership. She completed her accounting articles in 2015 before moving into academia in 2017, where she served as a lecturer, subject head, and programme coordinator in Accounting Sciences. Nicolene holds a Master's degree in Taxation, a BCom Honours degree in Financial Management, and is a Chartered Business Accountant in Practice (CBAP) with CIBA. Since joining CIBA as Education Manager in 2023, she has led initiatives in academic partnerships, professional designation development, competency frameworks, and the advancement of future-focused accounting education, including the integration of artificial intelligence into finance and accounting learning
You will earn a certificate
On successful completion you will receive a certificate for 3 CPD units in Accounting.
Requirements
- Laptop, desktop, or mobile device with internet access
- Microsoft Edge, Google Chrome, Safari, or Firefox browser