scholarly journals METHODS FOR DETERMINING TAX INCOME IN ACCORDANCE WITH NATIONAL LAW AND IAS 12 “INCOME TAXES”

2020 ◽  
pp. 182-194
Author(s):  
Liudmyla Shkulipa
Keyword(s):  
Income Tax ◽  
National Level ◽  
Income Taxes ◽  
International Standards ◽  
National Standards ◽  
National Accounting ◽  
Trade Offs ◽  
Regulatory Approach ◽  
Business Entities ◽  
Tax Changes

Introduction. A profit is one of the most important indicators of the financial performance of business entities, as it is a source of financing the costs of their production and social development. The part of the income is withdrawn by the state as an income tax and a source of funding for public expenditure. The understanding of the correct methodology for determining tax profit in accordance with applicable national law and IAS 12 "Income Taxes" is being the most often interest of the accountants and practitioners. Purpose. The purpose of the article is to investigate the methodology for determining tax income in accordance with the Tax Code of Ukraine and national accounting standards. The regulatory approach to research allows for the identification of differences in the regulation of this research object at the national level and in accordance with IAS 12 “Income Taxes”. Methods. To achieve this goal, common scientific methods, both at the empirical and theoretical levels of research were used. The methods of analysis to compare the methodology for determining tax income in accordance with the Tax Code of Ukraine and the corresponding national accounting standard were used. Modeling and abstraction techniques to address the various situations associated with the reflection of income tax by businesses of different ownership were used. Results. The article describes a new methodology for determining taxable income in accordance with the rules of national legislation and gives a critical analysis of new changes in the Tax Code of Ukraine. There are two options for finding a business entity on the general tax system; regular correspondence on accounting for income tax on ordinary activities have been clarified. For the first time the method of determining tax profit (loss) according to the Tax Code of Ukraine and national standards has been compared; the composition of information on the main components of income tax expense and information subject to separate disclosure under IAS 12 “Income Taxes” has been systematized. The snippet of the Income tax declaration on the decision not to apply tax differences is given. Discussion. To increase the level of objectivity and materiality of the information on tax profit presentation presented in the financial statements, it is necessary to search for trade-offs between accounting and tax concepts within a common ideology. The results have shown that tax changes are not always made public in the proper explanation and are being challenged by users (accountants) who have different interests. The consideration of the method for determining tax income allows us to argue that the international standards more broadly define the criteria for recognizing and reflecting in the financial statement current income tax.

scholarly journals Current determinants of the national accounting system transformation in Iraq

2021 ◽  
pp. 114-121
Author(s):  
K.S.A. Ahmed ◽  
A. K. Musaelyan ◽  
M. V. Krasnoplakhtich
Keyword(s):  
Financial Reporting ◽  
System Development ◽  
International Standards ◽  
National Standards ◽  
Accounting System ◽  
System Transformation ◽  
Cultural Traditions ◽  
National Accounting ◽  
Current Accounting ◽  
The Republic

The article examines the most relevant issues of the external and internal factors’ influence on the accounting current development in Iraq. Historically, Iraq’s accounting system has been shaped by cultural traditions, religion, economic development and political trends over a long period, from ancient times to the present. Its origins date back to the Sumerian kingdom and before the overthrow of the S. Hussein regime. At present, not only national priorities but also global accounting trends have changed. Being formed in parallel with the development of the Republic of Iraq, the current accounting system is not oriented towards the requirements of International Financial Reporting Standards. In order to identify the current determinants of the national accounting system development, the actual model features and the conditions for consolidation with international standards have been analysed. The main directions of accounting harmonisation in the Republic of Iraq towards the international standards integration into the national system have been identified. The main steps of the transformation of national standards to international standards have been presented. 

Dis-Incorporation of the American Business Model

2015 ◽  
Vol 14 (1) ◽  
pp. 1-19
Author(s):  
Stewart S. Karlinsky ◽  
Hughlene A. Burton
Keyword(s):  
Income Tax ◽  
The United States ◽  
Income Taxes ◽  
Policy Implications ◽  
American Business ◽  
Payroll Tax ◽  
Individual Income ◽  
Federal Revenue ◽  
Business Entities ◽  
New Strategies

ABSTRACT The U.S. federal government raises most of its revenue from three sources: individual income tax, payroll tax, and corporate income tax. The corporate tax share of total federal revenue has declined dramatically over the last three decades, while tax from individual income has been consistent during the same period. There may be a number of reasons for the decrease in the contribution corporate income taxes make to federal revenues. One of those reasons may be that there has been a dramatic change in how businesses are being organized and operated in the United States. For many years, business entities could choose to operate as either a corporation or a partnership. However, currently, businesses can choose from a variety of entities in which to operate. This article will examine the changes in capital business formations and their impact on the federal revenue collected. In addition, the article will explore the tax policy implications of these new strategies.

scholarly journals Regulating for Australia's Youngest Workers

2013 ◽  
Vol 38 (2) ◽  
pp. 76-86
Author(s):  
Natalie van der Waarden
Keyword(s):  
National Level ◽  
State Level ◽  
International Standards ◽  
National Standards ◽  
Older Children ◽  
Developed Economies ◽  
Part Time ◽  
Accepted Part ◽  
European Community Directive ◽  
Community Directive

Child labour is a phrase associated with exploitation, poverty, insufficient education and various forms of physical abuse. These connotations do not match Australian perceptions about the employment of children and are not correlated with mainstream dialogue on teenagers in part time and casual employment. Child employment is an accepted part of Australian society, with older children making up a significant portion of the workforce. Minimum standards are increasingly regarded a critical safeguard for young Australians at work, evidenced by recent state level statutory amendment and enactment of dedicated legislation. This article makes two submissions; first, it suggests the regulation of young people's working conditions is inappropriately neglected at national level in Australia, and secondly, it proposes national standards should be set and equated with those in other developed economies, meeting international standards. The 1994 European Community Directive on the Protection of Young Workers is referred to as a suitable benchmark.

scholarly journals The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States

2013 ◽  
Vol 103 (4) ◽  
pp. 1212-1247 ◽  
Author(s):  
Karel Mertens ◽  
Morten O Ravn
Keyword(s):  
United States ◽  
Income Tax ◽  
The United States ◽  
Income Taxes ◽  
Dynamic Effects ◽  
Different Types ◽  
Short Run ◽  
Tax Shocks ◽  
Tax Changes ◽  
Narrative Account

This paper estimates the dynamic effects of changes in taxes in the United States. We distinguish between changes in personal and corporate income taxes and develop a new narrative account of federal tax liability changes in these two tax components. We develop an estimator which uses narratively identified tax changes as proxies for structural tax shocks and apply it to quarterly post-WWII data. We find that short run output effects of tax shocks are large and that it is important to distinguish between different types of taxes when considering their impact on the labor market and on expenditure components. (JEL E23, E62, H24, H25, H31, H32)

scholarly journals Areas of Concern of the Tourism Activities Implementation

2020 ◽  
pp. 95-100
Author(s):  
Valentyna Boiko ◽  
Alina Myroshnychenko ◽  
Anna Kolodiazhna
Keyword(s):  
National Level ◽  
State Regulation ◽  
Tourism Industry ◽  
International Standards ◽  
National Standards ◽  
Industry Development ◽  
Tourism Management ◽  
Tourism Product ◽  
Local Levels

Current condition, problems and prospects for the domestic tourism industry development are studied. The main aspects hindering the tourism industry development in the country are considered and require further solutions. The current normative legal acts regulating issues in the field of tourism are considered and the attention is focused on the lack of correlation between the normative regulation of the branch and the share of revenues from the provision of tourist services in the country's GDP. It is determined that further reorganization and development of tourism in our country is not possible without the active support and direct intervention of the state. The authors proposed the measures, the implementation of which will help harmonize national standards in the field of tourism and resorts with international standards and help improve the quality of the national tourism product. It is proved that the development of the tourism industry directly depends not only on strengthening state regulation of tourism at the national level, but also at the regional level, especially since the tourism management system at the regional and local levels in decentralization in Ukraine is far from perfect. Emphasis is placed on the need to implement EU legislation in the field of tourism and resorts, which contributes to the improvement of tourism legislation and developed recommendations for the implementation of mechanisms for tourism development in the country.

Setting International Standards: Technological Rationality or Primacy of Power?

2003 ◽  
Vol 56 (1) ◽  
pp. 1-42 ◽  
Author(s):  
Walter Mattli ◽  
Tim Büthe
Keyword(s):  
Trade Liberalization ◽  
Analytical Approach ◽  
Online Survey ◽  
National Level ◽  
International Standards ◽  
National Standards ◽  
National Product ◽  
International Level ◽  
Nontariff Barriers ◽  
Battle Of The Sexes

Standards have become one of the most important nontariff barriers to trade, especially national product standards that specify design or performance characteristics of manufactured goods. Divergent national standards often inhibit trade, whereas regional and international standards increasingly serve as instruments of trade liberalization. Consequently, the setting of international standards—seemingly technical and apolitical—is rapidly becoming an issue of economic and political salience. But who sets international standards? Who wins, who loses? This article offers a fresh analytical approach to the study of international standards, which the authors call the institutional complementarities approach. It builds on insights from realism and the “Battle of the Sexes” coordination game but emphasizes complementarities of historically conditioned standardization systems at the national level with the institutional structure of standardization at the international level. It posits that, after controlling for other factors that influence involvement in international standardization, differences in institutional complementarities play a critical though largely accidental role in placing firms from different countries or regions in a first- or second-mover position when standardization becomes global. The authors illustrate the insightfulness of this approach through statistical analyses of the first scientific set of data on standards use and standardization, collected by the authors through an international online survey.

scholarly journals UNIFICATION AND HARMONIZATION OF NATIONAL ACCOUNTING PROCEDURES IN THE CONTEXT OF ADAPTATION TO INTERNATIONAL ACCOUNTING AND REPORTING STANDARDS

2021 ◽  
pp. 7-17
Author(s):  
Andrii Dovbush
Keyword(s):  
Financial Reporting ◽  
Analytical Method ◽  
International Standards ◽  
National Standards ◽  
Modern World ◽  
International Accounting ◽  
Reporting Standards ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Main Components

Introduction. The main characteristics of the modern world economy are globalization and integration processes, attempts to create and develop various forms of joint economic activity between countries, companies, businesses. The processes of international integration of the economy lead to the need to build a rational mechanism for the formation of information about the activities of economic units at the global level, which can be done in the process of international standardization of accounting and financial reporting. Methods. General and special methods were used in the course of the research, in particular: the analytical method was used in the review of literature sources; the method of classification made it possible to differentiate the main components of international accounting and reporting standards; method of description – to give them a detailed description; the monographic method was used in the study of literature sources on the details of the elements of international standards of accounting and reporting; the system and analytical method is applied at processing of the received information. Results. The article considers the theoretical, organizational and practical principles of harmonization, unification and standardization of the main aspects of national and international accounting and financial reporting. It is established that in the convergence of national accounting and IFRS there is a need to identify and eliminate methodological and practical differences between them, identify rational ways to assess the basic elements of financial reporting, based on the formation of concepts of unification of accounting processes as a major problem facing the international accounting community. A number of problems have been identified related to the formation of methodological, regulatory and organizational mechanisms that ensure the development and implementation of IFRS and IAS, compliance with their application at the international and national levels, as well as the elimination of conflicts between them. Discussion. The received recommendations can be used for implementation of the basic elements of process of harmonization and unification of national standards that will promote increase of efficiency of domestic accounting practice. It is expedient for domestic enterprises to unify and harmonize accounting and financial reporting standards. Keywords: accounting, harmonization, unification, standardization of accounting and financial reporting, international standards, IFRS, IAS.

scholarly journals Analysis of the Methodology of Fixed Assets in Accordance with IAS 16 “Fixed Assets” AND P(S)BU 7 “Fixed Assets”: Theory and Practice

2018 ◽  
pp. 102-112 ◽  
Author(s):  
L. V. Shkulipa
Keyword(s):  
Accounting Standards ◽  
Theory And Practice ◽  
International Standards ◽  
National Standards ◽  
International Accounting ◽  
Accounting System ◽  
International Accounting Standards ◽  
Record Keeping ◽  
National Accounting ◽  
Fixed Assets

The importance of transparent, complete, authentic and timely information comprehensible for all the users of financial reporting has grown in the context of Ukraine’s integration in the international economy. The issue of harmonizing the national accounting system with the international standards is, therefore, on the agenda of the national statistics system. Apart from this, introduction of the international accounting standards in the Ukrainian statistics practice is expected to make Ukraine more attractive for foreign investors and lenders. As theoretical and practical problems related with harmonizing the national accounting standards with international ones are not fully elaborated, the article’s purpose is to analyze the methodology of fixed assets recording by international and national standards, with providing, in table form, comparative characteristics of the underlying sections of International Accounting Standards (IAS) 16 and Rules (Standards) of Accounting (R(S)A) enforced in Ukraine, and to illustrate their practical use. The comparison covers recognition, valuation, recording and reporting of fixed assets, elements of the original cost (estimates at the date of recognition), formation of the original value of fixed assets as a result of various events, revaluation of fixed assets, frequency of revaluation of the liquidation value of fixed assets etc. Practical issues related with fixed assets overvaluation (undervaluation), depreciating, disposal and exchange are highlighted.    The comparative analysis shows quite significant differences between the two documents in valuation, revaluation, liquidation, disposal of fixed assets. They can be explained by national specifics of record keeping in Ukraine, fully considered in the national standards, and, consequently, by adaptation of accounting in Ukraine to the national economy needs.   

DEVELOPMENT OF FINANCIAL ACCOUNTING AND INTERNATIONAL STANDARDS FOR FINANCIAL STATEMENTS IN PART OF TAX ON ORGANIZATION PROFIT

2020 ◽  
Vol 3 (3) ◽  
pp. 100-105
Author(s):  
V. I. BRATCEV ◽  
◽  
M. A. KAZANOVA ◽  
A. V. ROYBU ◽  
◽  
...  
Keyword(s):  
Income Tax ◽  
Reporting System ◽  
Financial Statements ◽  
International Standards ◽  
Financial Accounting ◽  
Corporate Income Tax ◽  
Tax System ◽  
National Accounting ◽  
Tax Accounting

The article defines the need and prerequisites for bringing the national accounting and reporting system in line with international standards. Problems and prospects of the application of IFRS by Russian enterprises in terms of tax accounting are considered. The process of reforming the tax system, including tax accounting for corporate income tax, is analyzed.

scholarly journals Pengenaan Pajak Penghasilan Terhadap Pelaku Usaha Jasa Promosi Melalui Media Sosial

2021 ◽  
Vol 2 (3) ◽  
pp. 468-472
Author(s):  
Michael Lianwar Antolis ◽  
Ida Ayu Putu Widiati ◽  
I Putu Gede Seputra
Keyword(s):  
Social Media ◽  
Research Methods ◽  
Income Tax ◽  
Income Taxes ◽  
Director General ◽  
Analysis Method ◽  
Legal Research ◽  
Taxable Income ◽  
Service Business ◽  
Business Entities

Income tax is a tax imposed on individuals/business entities on income earned in the tax year. Promotional service business actors are tax subjects who earn income that exceeds the non-taxable income and the income is obtained from activities promoting goods or services through social media, such as Instagram, YouTube, WhatsApp or other types of social media. The purposes of this study are to examine the regulation of income tax in promotional services business activities through social media as well as the mechanism for collecting income taxes against business actors in promotional services through social media. This study uses normative legal research methods, with legal materials consisting of primary legal materials and secondary legal materials. The collection of legal materials in this study was carried out by the recording method. The legal material analysis method used is argumentative technique. The result of the study shows that the regulation of income tax in promotional service business activities through social media, in this case YouTubers or Celebrities, is subject to income tax for those whose income exceeds Non-Taxable Income (PTKP) based on the Regulation of the Director General of Taxes Number PER-17/PJ/2015.

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