2015 Accounting and reconciliations DVD and Electronic Notes
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2015 Accounting and reconciliations for tax practitioners
Financial reporting standards governing the preparation of financial statements cater for a wide audience of users including shareholders, creditors and employees. Although financial statements are the primary source of information when preparing a corporate entity’s income tax return, they are not specifically tailored for tax reporting.
Accountants and tax practitioners need to understand the differences between accounting standards and tax legislation to ensure that the entity’s tax liability is determined correctly and to ensure accurate financial reporting of taxation.
When preparing financial statements, accountants also need to prepare certain reconciliations to enable the entity to discharge its burden of proof in terms of section 102 of the Tax Administration Act, 2011. Such reconciliations are especially useful when the entity is required to submit a supplementary declaration (IT14SD).