THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Tax Implications on IFRS 15 Revenue And IFRS 16 Leases
Date: 15th September 2020
Time: 16:00 to 17:00 hours
CPD Units: 1
In most countries across the world, tax and tax obligations are largely driven by the accounting standards employed in recording business transactions. Most countries also have specific tax provisions that require taxpayers to effect adjustments to the accounting treatment in arriving at the tax liability. This is one of the reasons why a tax computation results in an adjusted taxable income/tax loss.
Over the last 2 years, accounting standards continue to evolve and new standards have come into force. Two critical ones in Kenya are IFRS 15 on revenue recognition and IFRS 16 on leases. These standards have potential tax impacts including on the VAT and income tax liabilities. The training will review the tax impact of these standards and propose adjustments that taxpayers should consider in computing their tax liabilities.