Deferred Income Tax under IAS 12
What do we do?
We have extensive experience dealing with public corporations for their deferred income tax provisions. We work with our clients to prepare deferred income tax provisions for their Canadian, U.S., and other foreign corporations on a quarterly and annual basis. Our partner, Haroon Khan, CPA, CA, CPA (USA), brings with him extensive experience as both an auditor and preparer. His client list ranges from start-ups to household brands. He possesses expertise in mining, technology, and consumer markets sectors.
Our Services Include
Drafting and reviewing deferred tax provisions for Canadian, US, and consolidated financial statements.
Aiding with the financial statement audit of tax notes.
Analyzing changes to tax laws impacting deferred tax assets and liabilities.
Analyzing uncertain tax positions.
Assisting with the acquisition of control rules in Canada and Section 382 limitations in the US for deferred tax provisions.
Accurately handling issues related to business combinations, such as initial recognition exemption rules, reverse acquisitions, capital pool companies, failed acquisitions with legal fee impact analysis, and treatment of negative goodwill.
Handling complex financial instruments, such as convertible debt, including interest or dividend treatment on must-convertible debentures; 8. Administering SR&ED credits in Canada and the US, deferred tax assets recognition memos, and treating refundable taxes under IAS12 or 20.
Assist with debt forgiveness, the tax basis of warrants, share issuance cost and warrants, and sale-of-business/division impact on deferred tax provision.
Manage items recognized outside P&L.
Expertise in mining matters such as flow-through shares, expense renunciations, and pool balances.
