The Possibility of Applying Fair Value According to IFRS 13 to Achieve Tax Justice in Determining Taxable Income in Iraq: An Applied Study

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Emad Ghafoori Abood Al-Najjar
Keyword(s):  
Income Tax ◽  
Balance Sheet ◽  
Fair Value ◽  
Tax Law ◽  
Fair Value Accounting ◽  
Taxable Income ◽  
Historical Cost ◽  
Accounting Measurement ◽  
Applied Study ◽  
Income Tax Law

The research aims to determine the importance of adopting the General Tax Authority in Iraq fair value accounting in determining taxable income by highlighting the failure to apply the historical cost that leads to misleading the users of the financial statements because of the unrealistic and inappropriate information they contain, as well as explaining the role of applying fair value in achieving The basic qualitative characteristics of accounting information in a manner that leads to determining taxable income more closely to justice after being amended according to the applicable income tax law. And analyzing the company's reports so that income is measured according to the fair value on the basis of the IFRS 13, which is subsequently modified according to the applicable income tax law to reach the measurement of taxable income in Iraq as well as the preparation of the Balance sheet In light of this, this measurement is generalized to all Contracting companies listed in the market. The researcher reached a set of conclusions, the most important of which is that the use of fair value accounting in accordance with the IFRS 13 in the contracting sector contributes to providing consistency in accounting measurement and disclosure practices, providing relevance and faithful representation information that is the basis for achieving fairness in tax accounting and recommendations.

5. Income tax

2017 ◽  
Author(s):  
Kathryn Wright ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Charitable Giving ◽  
Professional Training ◽  
Tax Law ◽  
Tax Rates ◽  
Taxable Income ◽  
Income Tax Law

Income tax is an essential part of a lawyer’s knowledge and professional training. Whilst it is not necessary to have knowledge to the extent that a specialist tax lawyer would have, it is necessary to have knowledge and understanding sufficient to recognise its implications as they arise and affect the client and ourselves. This chapter discusses sources of income tax law; collection and payment of income tax; rates of income tax and allowances; calculation of income tax; sources of taxable income; and charitable giving. This chapter covers all the changes introduced by the 2015 Budget.

scholarly journals ANALISIS BATASAN PEREDARAN BRUTO USAHA ATAS PELAKSANAAN PERATURAN PEMERINTAH NOMOR 46 TAHUN 2013

2018 ◽  
Vol 1 (02) ◽  
pp. 69-82
Author(s):  
R. Soerjatno
Keyword(s):  
Income Tax ◽  
Government Regulation ◽  
Tax Law ◽  
Net Income ◽  
Taxable Income ◽  
Income Tax Law ◽  
Sense Of Justice

The policy on the enactment of Government Regulation No. 46 of 2013 is based on the consideration to facilitate taxpayers in calculating the tax so that more taxpayers are expected to register as taxpayers because of the ease in calculating the tax.Government Regulation No. 46 of 2013 is applied to Taxpayers having gross turnover up to Rp.4.800.000.000,00 a year and not applicable to those who have income from free employment (doctors, notaries etc.). PP46 tariff is 1% of Gross business turnover so that any Brule Distribution will be subject to Income Tax of 1% of Gross Distribution. However, in Law No.7 of 1983 as amended by Act no.36 of 2008 in Article 17 paragraph (1) in the explanation states that Tax Payable Individual Taxpayer is Tariff Psl.17 Income Tax Law multiplied by Income Taxable Tax, while based on Article 16 paragraph (2) of Income Tax Law, Taxable Income for WP Person is Net Income minus Non Taxable Income. Based on the calculation difference, the authors conducted the study in order that the implementation of tax rules remains procedural and easy but still has a sense of justice especially for small Taxpayers .

scholarly journals The Critical Aspect on Fair Value Accounting And Its Implication To Islamic Financial Institutions.

2014 ◽  
Vol 6 (2) ◽  
pp. 283-304
Author(s):  
Jamaluddin Majid ◽  
Safri Haliding
Keyword(s):  
Financial Institutions ◽  
Accounting Standards ◽  
Fair Value ◽  
Critical Aspect ◽  
Fair Value Accounting ◽  
Historical Cost ◽  
Accounting Measurement ◽  
Islamic Financial Institutions ◽  
Value Measurement ◽  
Critical Aspects

The Critical Aspect on Fair Value Accounting And Its Implication To Islamic Financial Institutions. Fair value accounting (FVA) paradigm replaced the historical cost accounting (HCA) in the development of accounting standards that FVA is more relevant that HCA probably did not provide the real financial and income information. This paper tries to explore critical aspects of the fair value accounting and its implications to Islamic Financial Institutions implications. This study concludes that that fair value accounting measurement provides many critical aspects to be implemented to Islamic Financial Institutions (IFIs). AAOIFI proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information  DOI:10.15408/aiq.v6i2.1236

5. Income tax

2018 ◽  
Author(s):  
Kathryn Wright ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Charitable Giving ◽  
Professional Training ◽  
Tax Law ◽  
Tax Rates ◽  
Taxable Income ◽  
Income Tax Law

Income tax is an essential part of a lawyer’s knowledge and professional training. Whilst it is not necessary to have knowledge to the extent that a specialist tax lawyer would have, it is necessary to have knowledge and understanding sufficient to recognise its implications as they arise and affect the client and ourselves. This chapter discusses sources of income tax law; collection and payment of income tax; rates of income tax and allowances; calculation of income tax; sources of taxable income; and charitable giving. This chapter covers the changes introduced by the Autumn 2017 Budget.

scholarly journals Fair Value Accounting vs. Historical Cost Accounting

2012 ◽  
Vol 17 (1) ◽  
pp. 1-6
Author(s):  
Paul Jaijairam
Keyword(s):  
Balance Sheet ◽  
Financial Statements ◽  
Cost Accounting ◽  
Fair Value ◽  
Fair Value Accounting ◽  
Historical Cost ◽  
Income Statement ◽  
Accounting Reports ◽  
The Impact ◽  
Historical Cost Accounting

This paper reviews fair value accounting method relative to historical cost accounting. Although both methods are widely used by entities in computing their income and financial positions, there is controversy over superiority. Historical cost accounting reports assets and liabilities at the initial price they were exchanged for at the time of the transaction. Conversely, fair value accounting quotes the prevailing price in the market. Nevertheless, while both methods of accounting affect financial statements, the impact of fair value accounting on the balance sheet and income statement is extreme due to the potential volatility of the method. Fair value accounting is deemed superior when compared to historical cost accounting because it reflects the current situation in the market whereas the later is based on the past. In addition, in relative terms, fair value accounting provides users with more current financial information and visibility.

5. Income tax

2019 ◽  
pp. 66-81
Author(s):  
Kathryn Wright ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Charitable Giving ◽  
Professional Training ◽  
Tax Law ◽  
Tax Rates ◽  
Taxable Income ◽  
Income Tax Law

Income tax is an essential part of a lawyer’s knowledge and professional training. Whilst it is not necessary to have knowledge to the extent that a specialist tax lawyer would have, it is necessary to have knowledge and understanding sufficient to recognise its implications as they arise and affect the client and ourselves. This chapter discusses sources of income tax law; collection and payment of income tax; rates of income tax and allowances; calculation of income tax; sources of taxable income; and charitable giving. This chapter covers the changes introduced by the Autumn 2017 Budget.

5. Income tax

2021 ◽  
pp. 66-78
Author(s):  
Clare Firth ◽  
Jennifer Seymour ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Tax Law ◽  
Basic Income ◽  
Taxable Income ◽  
Sufficient Knowledge ◽  
Financial Advisor ◽  
Income Tax Law ◽  
The Impact

Everyone needs to pay income tax, so whilst it is not necessary for every lawyer to have knowledge to the same extent of a specialist tax lawyer or a financial advisor, it remains essential for every lawyer to have sufficient knowledge and understanding to be able to undertake basic income tax calculations, understand the stages in those calculations, any applicable reliefs and how they work, therefore enabling them to recognise the impact of income tax on both clients and themselves. This chapter discusses the background to income tax law; the role of HMRC in the collection of income tax and the dates for payment of income tax; sources of taxable income. rates of income tax, reliefs and allowances; the key elements to an income tax calculation. This chapter covers the changes introduced by the March 2021 Budget.

5. Income tax

2020 ◽  
pp. 66-81
Author(s):  
Jennifer Seymour ◽  
Clare Firth ◽  
Lucy Crompton ◽  
Helen Fox ◽  
Frances Seabridge ◽  
...  
Keyword(s):  
Income Tax ◽  
Charitable Giving ◽  
Professional Training ◽  
Tax Law ◽  
Tax Rates ◽  
Taxable Income ◽  
Income Tax Law

Income tax is an essential part of a lawyer’s knowledge and professional training. Whilst it is not necessary to have knowledge to the extent that a specialist tax lawyer would have, it is necessary to have knowledge and understanding sufficient to recognise its implications as they arise and affect the client and ourselves. This chapter discusses sources of income tax law; collection and payment of income tax; rates of income tax and allowances; calculation of income tax; sources of taxable income; and charitable giving. This chapter covers the changes introduced by the March 2020 Budget.

Accounting for Inventory from a Commercial Point of View

2021 ◽  
Vol 1 (2) ◽  
pp. 81-85
Author(s):  
Dewi Purnamasari ◽  
Ayu Almira ◽  
Nadia Della Savira
Keyword(s):  
Inventory Control ◽  
Income Tax ◽  
Lot Sizing ◽  
Balance Sheet ◽  
Point Of View ◽  
Tax Law ◽  
Income Tax Law ◽  
Descriptive Approach ◽  
Accounting Period ◽  
The Cost

Inventory control is a very important managerial function because the physical inventory of many companies involves the largest investment in current assets. The main purpose of inventory accounting is to determine periodic profit and loss through the process of bringing together the cost of goods sold with the sales proceeds in one accounting period and determining the amount of inventory to be presented in the balance sheet. This paper aims to describe the accounting for inventory from a commercial point of view. The method used in this study is qualitative in nature with a descriptive approach. The results showed that the main functions of inventory are to avoid delays in goods, loss of goods and with the presence of inventory, the company's operations can continue to run so that services to consumers can be carried out as well as possible. More specifically, the main functions of inventory are the decoupling function, economic lot-sizing function, and anticipation function.  As the inventories become subject to regulations in Indonesia, the study also highlights the purposes of calculating the income tax of inventories. Article 10 paragraph (6) of the Income Tax Law states that inventories must be valued at cost. Therefore, if the taxpayer makes an assessment based on a method other than cost, an adjustment is required.

scholarly journals PENGARUH UNDANG-UNDANG NOMOR 7 TAHUN 1983 TENTANG PAJAK PENGHASILAN SEBAGAIMANA TELAH DIUBAH TERAKHIR DENGAN UNDANG-UNDANG NOMOR 36 TAHUN 2008 TERHADAP KEPATUHAN WAJIB PAJAK ORANG PRIBADI DI KANTOR WILAYAH DIREKTORAT JENDERAL PAJAK (DJP) JAWA TIMUR I

2020 ◽  
Vol 29 (2) ◽  
pp. 108
Author(s):  
FARISKA SEPTARINA RAJIANTO
Keyword(s):  
Income Tax ◽  
Tax Compliance ◽  
Tax Law ◽  
Tax Rates ◽  
Tax System ◽  
Taxable Income ◽  
Tax Laws ◽  
Income Tax Law ◽  
The Individual ◽  
Reporting Procedures

Tax Laws changes made Direktorat Jenderal Pajak (DJP) in order to create Tax Laws that allows taxpayers to carry out their tax obligations and in accordance with the state of today's dynamic economy. One of the Tax Laws amended is Income Tax Law seen from the taxable income bracket; non-taxable income; income tax rates; depositing and reporting procedures; tax audits; tax penalties; Taxpayer behavior; nationality; and taxpayer perceptions of the tax system significantly influence the individual taxpayer compliance in Kantor Wilayah DJP Jawa Timur I. This study continues research Barbuta-Misu (2011) which identifies the variables of tax compliance by creating a model that comes with the factors that affect tax compliance in several countries and adapted to the conditions of the State of Rome. The results of this study states that the taxable income bracket; nontaxable income; income tax rates; depositing and reporting procedures; and tax penalties have a significant influence on the individual taxpayer compliance. Other hand, tax audits; Taxpayer behavior; nationality; and taxpayer perceptions of the tax system that does not have a significant influence on the individual taxpayer compliance. Based on these results, the variables generated in the course of a study conducted by BarbutaMisu (2011) not all variables can affect tax compliance in accordance with the Income Tax Law in force in Indonesia.

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