IAS 12, Income Taxes applies to all entities subject to taxes based on income. The IFRS accounting guidance in IAS 12 requires that the effects of income taxes, both current and deferred, be accounted for in the financial statements. Therefore, a good understanding of the accounting for income taxes is essential when preparing or auditing financial statements. This topic is covered in two eLearning courses, both of which are CPE eligible. This course will introduce IAS 12 and its objectives and scope. It will primarily focus on the accounting for current taxes, including uncertainty over income tax treatments. The second course, Deferred taxes under IAS 12, will focus on the accounting requirements for deferred taxes.