accounting & bookkeeping fundamentals for tax practitioners

2016 Accounting & Bookkeeping Fundamentals for Tax

Practitioners

Presented by

Herman van Dyk

CA(SA), RA, MCom(SA and international tax)

Herman van Dyk is the Programme Leader for Taxation at the Potchefstroom Campus of the North-West

University. He is a Chartered Accountant (SA) and Associate Chartered Accountant (England & Wales). He

graduated with an MCom in South African and International Taxation cum laude. He received an

academic award for the research part of this qualification titled Grounds for allowing a tax deduction for

employee share incentives (best dissertation in the class). In 2012 he received the Rapport Top Lecturer

Award for inspirational teaching and academic leadership in the Faculty of Economic and Management

Sciences. In 2014, he received an Institutional Teaching Excellence Award.

Programme: 08:15 – 08:55 Registration 09:00 – 10:30 Accounting & Bookkeeping Fundamentals for Tax Practitioners 10:30 – 10:50 Tea Break (20 mins) 10:50 – 13:00 Accounting & Bookkeeping Fundamentals for Tax Practitioners

13:00 Conclusion

ABF for Tax PractitionersHerman van Dyk

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WelcomeAccounting & Bookkeeping FundamentalsPresented by Herman van Dyk

Sponsored by:

Upcoming CPD Events

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Upcoming CPD EventsRefer to our website for all upcoming events

• Personal Income Tax • Vat Fundamentals• Accounting Reconciliation for Tax

Practitioners

2016 Accounting & Bookkeeping Fundamentals

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Overview of today's seminar

• Background and introduction• Scope of IFRS for SMEs• Pervasive principles• Presentation of financial statements• Statement of cash flows• Inventories• Property, plant and equipment• Investment property• Leases• Intangible assets• Impairment of assets• Revenue

Background and introductionExternal financial reporting

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Double-entry accounting

• Luca Pacioli, an Italian mathematician, published the Summa de arithmetica, geometria, proportioni et proportionalita in Venice in 1494.

• It contained the first published description of the double-entry accounting system and describes most of the accounting cycle as we know it today (use of journals and ledgers).

• Pacioli warned that one should not go to sleep at night before all the debits equalled all the credits.

Users of financial statements

• Financiers• Revenue authorities• Potential investors • Owners and managers (especially where internal

management reporting is not available)

Decision-making

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Financial statements are therefore used by a wide range of interested parties. It is therefore important that a set of uniform rules exist to which financial statements must adhere…

International Financial Reporting Standards (IFRS) isa set of international accounting guidelines.

The rules of accounting

Financial reporting standards

• IFRS: International Financial Reporting Standards ("FULL IFRS") – IAS and IFRS standards. Used in EU, Asia, Australia and South Africa but not in the USA.

• US GAAP: Generally Accepted Accounting Principles used in the USA.

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Information reported in financial statements

Financial performance

Financial position

Cash flows

The accounting cycle

1Transaction

2Source

document

3Analysis and

entry

4Posting to ledgers

5Balancing of

accounts

6Pre-adjustment

trial balance

7Adjustments

8Final trial balance

9Financial

statements

Nominal accounts closing

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Statutory obligation to prepare financial statements• Companies• Close corporations• Trusts (implied)

Recognition

Recognition is the process of incorporating in the financial statements an item that meets the definition of an asset, liability, income or expense.

It is therefore the process of recording/including an asset, liability, income or expense (transaction or balance) in the financial statements.

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Measurement

Measurement is the process of determining the monetary amounts at which items are included in the financial statements.

Historical cost Fair value

ScopeIFRS for SMEs

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IFRS for SMEs

• International Financial Reporting Standard for Small and Medium-sized Entities.

• Easier to apply than full IFRS.

• Still high quality financial reporting principles that are tailored to the capability of smaller businesses.

Scope of IFRS for SMEs

The IFRS for SMEs is intended for use by small and medium-sized entities (SMEs).

Entities that do not have public accountability

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Public accountability

An entity has public accountability if:• its debt or equity instruments are traded in a public

market or it is in the process of issuing such instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or

• it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (most banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks would meet this second criterion).

Scope of IFRS for SMEs

• Any company of any size is eligible to use the IFRS for SMEs, provided it does not have public accountability.

• No bright-line size test in the Standard.

• Local jurisdictions often impose such size tests.

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Scope in South AfricaCompanies and close corporations

Category Financial reporting standard

State owned companies IFRS (unless PFMA provides otherwise)

Public companies (listed) IFRS

Public companies (not listed) IFRS or IFRS for SME's

Private companies: PI score 350+ IFRS or IFRS for SME's

Private companies: PI score 100 – 349Private companies: PI score < 100 and statements independently compiled

IFRS or IFRS for SME's

Private companies: PI score < 100 and statements internally compiled

Determined by company

Public Interest Score (PI Score)Calculation

1. Number of points equal to average number of employees during the financial year +

2. One point for every R1 million (or portion thereof) in third party liability at the financial year end +

3. One point for every R1 million (or portion thereof) in turnover during the financial year +

4. One point for any individual who has at the end of the financial year, to directly or indirectly have a beneficial interest in any of the company’s issued securities (or non-profit companies: one point for every member of the company).

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Interpretation: "employee"

According to Companies Regulations, use definition in LabourRelations Act (66 of 1995):

Interpretation: individual who has "beneficial interest"• Right to participate in distributions• Ability to exercise rights• Ability to dispose

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Case study #1 10 minutes

Pervasive principlesIFRS for SMEs

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Accrual basis

• IFRS for SMEs uses an accrual basis of accounting(except for the statement of cash flows).

Qualitative characteristics

• Understandability• Relevance• Materiality• Reliability• Substance over form• Prudence• Completeness• Comparability• Timeliness• Balance between benefit and cost• Undue cost or effort

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Financial positionBalance sheet (SPF)

Equity Assets Liabilities

Assets Equity Liabilities

Asset

An asset is a resource controlled by the entity as a result of past events and from which futureeconomic benefits are expected to flow to the entity.

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Liability

A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

Equityaka owner's interest or NAV

• Equity is the residual interest in the assets of the entity after deducting all its liabilities.

Equity Assets Liabilities

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Financial performanceIncome statement (SOCI)

Profit(Loss) Income Expenses

Income

Income is increases in economic benefitsduring the reporting period in the form of inflowsor enhancements of assets or decreases of liabilities that result in increases in equity, otherthan those relating to contributions from owners.

RevenueGains

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Expenses

Expenses are decreases in economic benefitsduring the reporting period in the form of outflows or depletions of assets or incurrencesof liabilities that result in decreases in equity, other than those relating to distributions to owners.

Recognition criteria

• Item meets the definition of an asset, liability, income or expense

• It is probable that any future economic benefit associated with the item will flow to or from the entity; and

• The item has a cost or value that can be measuredreliably.

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How does financial performance interact with financial position?

Income – Expenses = Profit(+)or Loss(-)

Equity

Cash flows

Cash and cash equivalents

Day 1Cash IN Cash OUT


Day 365

Operating activities

Investing activities

Financing activities

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Presentationof financial statements in terms of IFRS for SMEs

Section 3

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Frequency and consistency reporting and comparative information

• Must present complete set of financial statements every twelve (12) months.

• Must retain the presentation and classification of items in the financial statements from one period to the next unless following a change that another presentation or classification would be more appropriate (retrospective restatement would be required).

• Must present/disclose comparative information in respect of the previous comparable period for all amounts presented in the current period’s financial statements. Also for narrative or descriptive information when relevant to understanding.

Complete set of financial statements• Statement of financial position (balance sheet)• Statement of comprehensive income (P&L and other

comprehensive income)• Statement of changes in equity• Statement of cash flows• Notes including basis of preparation and accounting policies

Each statement presented with equal

prominence

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Identification of financial statements• Must clearly identify each of the financial statements and the

notes and distinguish them from other information in the same document.

Following must be displayed prominently (and repeated where necessary):• the name of the reporting entity and any change in its name

since the end of the preceding reporting period;• whether the financial statements cover the individual entity or a

group of entities;• the date of the end of the reporting period and the period

covered by the financial statements;• the presentation currency• the level of rounding, if any, used in presenting amounts in the

financial statements.

Identification of financial statementsMust disclose the following in the notes:• the domicile and legal form of the entity• its country of incorporation• address of its registered office (or principal place of business,

if different from the registered office); and• a description of the nature of the entity’s operations and its

principal activities.

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Statement of cash flowsSection 7

Statement of cash flows


Day 1Cash IN Cash OUT


Day 365

Operating activities

Investing activities

Financing activities

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• This section sets out the information that is to be presented in a statement of cash flows and how to present it.

• The statement of cash flows provides information about the changes in cash equivalents of an entity for a reporting period, showing separately changes from operating activities, investing activities and financing activities.

Scope of section 7

Cash equivalents

• A statement of cash flows provides information that enables users to evaluate the changes in net assets of an entity, its financial structure (including liquidity and solvency) and its ability to affect the amounts and timing of cashflows in order to adapt to changing circumstances and opportunities.

• Cash flow information is useful in assessing the ability to generate cash and cash equivalents and enables users to develop models to assess and compare the present valueof the future cash flows of different entities.

• Enhances comparability.

Benefits of cash flow information

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• Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

• Investments only qualify as cash equivalents if they have a short maturity (usually less than three months).

• A bank overdraft is usually treated as a financing activity, unless the overdraft forms an integral part of the entity's cash management system and is repayable on demand.

Cash equivalents

• Cash flows must be reported by classifying them as:

Presentation of statement of cash flows

Operating activities Investing activities Financing activities

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• Cash receipts from the sale of goods and the rendering of services;

• Cash receipts from royalties, fees, commissions and other revenue;

• Cash payments to suppliers for goods and services;• Cash payments to and on behalf of employees;• Cash payments or refunds of income tax, unless they can be

specifically identified with financing and investing activities; and

• Cash receipts and payments from investments, loans and other contracts held for dealing or trading purposes, which are similar to inventory acquired specifically for resale.

Operating activitiesThe principal revenue-producing activities of the entity and other activities that are not investing or financing

activities.

• Cash payments to acquire PPE, intangible assets and other long-term assets.

• Cash receipts from the sale of the above. • Cash flows from purchases/sales of subsidiaries, associates

and joint ventures. • Cash flows from loans to others. • Derivative instruments not held for trading.

Investing activitiesThe acquisition and disposal of long-term assets and other investments not included in cash equivalents

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• Cash flows from the issue/repurchase of shares. • Cash receipts from the issue of debentures, loans, notes,

bonds and other borrowings. • Cash payments for the repayment of the above. • Cash payments for finance lease instalments by the

lessee.

Financing activitiesActivities that result in changes in the size and composition of the contributed equity and borrowings of the entity.

• Direct method: cash flows from operating activities are presented by disclosing the main classes of gross receipts and payments separately.

• Indirect method: cash flows from operating activities are presented by beginning with the profit/loss for the period (as per the SoCI) and are then adjusted by non-cash items and cash flows from investing and financing activities.

Direct vs Indirect Operating activities

Use of the direct method is encouraged by IAS 7 (full

IFRS)

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• Cash flows from interest and dividends received and paid shall each be disclosed separately.

• Each shall be classified in a consistent manner from period to period as either operating, investing or financing activities.

Cash flows from interest and dividends

Usually OPERATING ACTIVITIES

• Cash flows arising from taxes on income shall be separately disclosed and shall be classified as cash flows from operating activities unless they can be specifically identified with financing and investing activities.

Income tax

Usually OPERATING ACTIVITIES

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• Non-cash transactions are excluded from the SOCF.• Non-cash transactions include:

– Acquiring assets by means of a finance lease– Depreciation– Conversion of debt to equity– Creating provisions– Non-controlling interest

Non-cash transactions

No bank leg in the journal entry!

• It is translated at the spot exchange rate that was applicable on the date on which the cash flow occurred.

• Cash flows of a foreign subsidiary are also translated at the spot exchange rate on the date the cash flows occurred.

Cash flows in foreign currency

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Direct method

Indirect method

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InventoriesSection 13

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• Inventories are assets:

Definitions

held for sale in the ordinary course of business

OR

in the process of production for such sale

OR

in the form of materials or supplies to be consumed in the production process or in the rendering of services

Section 13 applies to all inventories except:• WIP under construction contracts• Financial instruments• Biological assets and agricultural produce

Scope When does it apply?

Also not applicable to the measurement of inventories of commodity broker-traders who carry their inventories at fair value less costs of disposal.

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• Inventories are measured at the:

Measurement of inventories

LOWER OF:

Cost

Estimated selling price less costs to complete

and sell


Cost Costs of purchase

Costs of conversion

Other costs

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Purchase priceImport dutiesOther taxes like VAT (in cases where it cannot be claimed back)Inwards transport costs and handling costsDeduct: trade discounts and rebates

Costs of purchase

Applies to both CASH discounts and expected SETTLEMENT discountsSee circular 09/2006

• Direct labour• Variable production overheads• Fixed production overheads

– Allocation rate is based on normal ("budgeted") capacity– Actual allocation:– Under allocation: expense (COS)– Over allocation: reverse against cost of inventories

Costs of conversion

Allocation rate Actual production

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• Fixed production overheads are indirect costs that remain relatively constant regardless of the volume of production.– Depreciation– Factory rental and maintenance.

• Variable production overheads are indirect costs of production vary directly with the volume of production.– Indirect materials– Indirect labour.

Costs of conversion

• Joint products: when the costs of conversion of each product are not separately identifiable, they are allocated between the products on a rational and consistent basis (such as relative sales-value).

• By-products: usually immaterial and then measured at selling price less costs to complete and sell and this value is deducted from the cost of the main product.

Costs of conversion

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• Costs incurred in bringing inventories to their present location and condition are included.

Other costs

• Abnormal wasted materials, labour and other productions costs

• Storage costs (unless production is still in progress)• Administrative overheads• Selling costs

Costs exclude:

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• Standard costing, retail method or most recent purchase price may be used if their results approximate actual costs.

• Standard costs take into account normal levels of materials and supplies, labour, efficiency and capacity utilisation. They are regularly reviewed and, if necessary, revised in the light of current conditions.

• The retail method measures cost by reducing the sales value of the inventory by the appropriate percentage gross margin.

Use of standard costing and retail method

• Specific identification – must be used for items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects.

• FIFO – assumes that inventories that were purchased first (at the old price) are sold first.

• Weighted average – a new weighted average cost is calculated after every purchase or production.

Cost formulae

The use of LIFO is not permitted

Only relevant where prices fluctuate

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• Inventories are measured at the:


LOWER OF:

Cost

Estimated selling price less costs to complete

and sell

• An entity shall assess at each reporting date whether any inventories are impaired.

• Dr Impairment loss (P&L)• Cr Inventory

Impairment of inventoriesSection 27.2 – 27.4

Carrying amount Selling price less costs to complete and sell

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Inventories recognised as expense

Inventory Cost of salesSold

Asset: SFP Expense: P/L


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Investment propertyProperty, plant and equipment

Section 16Section 17

Investment propertySection 16

Investment property is property (land or a building, or part of a building, or both) held by the owner or by the lessee under a finance lease • to earn rentals or• for capital appreciation or both.

instead of for:• use in the production or supply of goods or services or for

administrative purposes; or• sale in the ordinary course of business.

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Measurement of investment property• Initially: at cost including its purchase price and any

directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transaction costs.

• Subsequently (at each reporting date): fair value with changes in fair value recognised in profit or loss.

If FV can be determined reliably without undue

cost or effort

Otherwise account for using cost model (PPE)

Transfers

• FROM: If reliable measurement of FV is no longer available without undue cost or effort, property is then accounted for under PPE cost model until a reliable measure of FV becomes available (carrying amount on that date becomes cost).

• TO: If property meets the definition of investment property.

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Property, plant and equipment (PPE)Section 17

Property, plant and equipment are tangible assets that:• are held for use in the production or supply of goods or

services, for rental to others, or for administrative purposes; and

• are expected to be used during more than one period.

Section 17 also applies to investment property whose FV cannot be measured reliably without undue cost or effort

Measurement of PPE

Initially: at cost including• its purchase price, including legal and brokerage fees, import

duties and non-refundable purchase taxes, after deducting trade discounts and rebates.

• any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. These can include the costs of site preparation, initial delivery and handling, installation and assembly and testing of functionality.

• the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period.

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• Subsequently:

Measurement of PPE

Cost model Revaluation model

Cost

Less:

Accumulated depreciation

OCI (equity)

• Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life.

• Depreciable amount = cost – residual value.• Depreciation is expensed in profit or loss.• Begins when asset is available for use.

Depreciation

Straight-line Diminishing balance

Production unit

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• An entity shall assess at each reporting date whether there is any indication that an asset may be impaired.

Impairment of PPESection 27

External indications

Internal indications

• If indicators of impairment exist at the reporting date, compare:

• Dr Impairment loss (P&L unless revalued asset)• Cr PPE

Impairment of PPESection 27

Carrying amount Recoverable amount

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Recoverable amount

Higher of:

• Fair value less costs to sell: fair value less costs to sell is the amount obtainable from the sale of an asset in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal

• Value in use: present value of the future cash flows expected to be derived from an asset.

JB Traders

Notes for the year ended 31 December 2012

Property, plant and equipment

Land andbuildings

OfficeEquipment Vehicles Total

Carrying amount on 1 Jan 2012 xxx xxx xxx xxx

Cost xxx xxx xxx xxx

Accumulated depreciation - (xxx) (xxx) (xxx)

Movements

Additions at cost xxx xxx xxx xxx

Disposals at carrying amount (xxx) (xxx) (xxx) (xxx)

Depreciation (xxx) (xxx) (xxx) (xxx)

Cost xxx xxx xxx xxx

Accumulated depreciation - (xxx) (xxx) (xxx)

Carrying amount on 31 Dec 2012 xxx xxx xxx xxx

Land and buildings consist of stand 212, Windhoek, Namibia and is heldunder title deed 212/1985.

Vehicles are pledged as security for the long-term loan.

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Intangible assets

Section 18

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Intangible asset

• An intangible asset is an identifiable non-monetary asset without physical substance.

• Section does not deal with goodwill or financial assets

Measurement

• Initially measured at cost

• Subsequently measured at cost less accumulated amortisation

• Expenditure on an intangible item that was initially recognised as an expense shall not be recognised at a later date as part of the cost of an asset.

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Leases

Section 20

Classification

• A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership.

• A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

Substance over form

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This section focuses on identifying when a lease is economically similar to purchasing the asset ("risks and rewards of ownership test") being leased and then classified the lease as either:

Lease accounting Lessees

Finance lease Operating lease

Asset and liability reported on the balance sheet

Lease payment expensed

(straight-line method)

Disclosure of commitment

in notes

• A lessee shall recognise lease payments under operating leases (excluding costs for services such as insurance and maintenance) as an expense over the lease term on a straight-line basis.

Lease accounting Lessees – operating leases

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• At the commencement of the lease term, a lessee shall recognise its rights of use and obligations under finance leases as assets and liabilities in its statement of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments.

• The present value of the minimum lease payments shall be calculated using the interest rate implicit in the lease. If this cannot be determined, the lessee’s incremental borrowing rate shall be used.

Lease accounting Lessees – finance leases

Dr Lease liability

Cr Cash/bank (lease payment)

Subsequently

Lease accounting Lessees – finance leases

Dr Interest expense

Dr Lease liability

Cr Cash/bank (lease payment)

Dr Depreciation

Cr Accumulated depreciation

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New lease accounting in full IFRS

• The IASB issued IFRS 16 during January 2016.

• IFRS 16 replaces IAS 17.

• IFRS 16 is effective from 1 January 2019.

• Early application is permitted, but only if IFRS 15 is also applied.

• Operating lease model for lessees (removed) due to off-balance sheet finance.

Case study #610 minutes

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Revenue

Section 23

Revenue

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• Two primary issues are dealt with in section 23:

Section 23

• Revenue is measured at the fair value of the consideration received or receivable.

• Take into consideration trade discounts and volume rebates allowed by the entity.

• According to Circular 09/2006, discounts allowed should reduce revenue and not be treated as an expense.

• This includes settlement discount that must be estimatedat the time of the sale.

Measurement of revenue

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• Revenue includes only the gross inflows of economic benefits received and receivable by the entity on its ownaccount.

• Amounts collected on behalf of third parties such are noteconomic benefits which flow to the entity and do not result in increases in equity.

Principal vs agentAmounts collected on behalf of others are

EXCLUDED from revenue

Collected on behalf of SARS

Collected on behalf of owner by agent

Commission?

• When the inflow of cash related to revenue is deferred, the fair value of the consideration may be less than the nominal amount received.

• Interest-free credit or below-market interest.• When the arrangement effectively contains a financing

transaction:

Deferred payment

Amount receivable(nominal)

Revenue(present value)

Interest revenue

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• The fair value is then determined by discounting the future cash receipts to their present value by using an imputed rate of interest .

The imputed rate of interest is the more clearly determinable of either:

• The prevailing rate for a similar instrument of an issuer with a similar credit rating; or

• A rate of interest that discounts the nominal amount of the instrument to the current cash sales price of the goods or services.

Deferred credit terms

• The revenue recognition criteria is usually applied separately to each transaction.

• In certain circumstances, it is necessary to the recognition criteria to the separately identifiable components of a single transaction in order to reflect the substance of the transaction.

• In other cases, two or more transactions are linked in sucha way that the commercial effect cannot be understoodwithout applying the criteria to both transactions together.

Recognition

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Recognition

Sale of goods Rendering of services

Interest, royalties and

dividends

Revenue from the sale of goods is recognised when all the following conditions have been satisfied:1. the entity has transferred to the buyer the significant

risks and rewards of ownership of the goods2. the entity retains neither continuing managerial

involvement to the degree usually associated with ownership nor effective control over the goods sold;

3. the amount of revenue can be measured reliably;4. it is probable that the economic benefits associated

with the transaction will flow to the entity; and5. the costs incurred or to be incurred in respect of the

transaction can be measured reliably.

Recognition: sale of goods

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• In most cases, the transfer of risks and rewards coincides with the transfer of legal title (but in some cases it does not).

• If an entity retains the significant risks of ownership, revenue is not recognised.

• If an entity retains only an insignificant risk of ownership (such as legal title is retained to protect collectability or offers a warranty), revenue is recognised.

• Revenue cannot be recognised if related expenses cannot be measured reliably.

Recognition: sale of goods

When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction shall be recognised by reference to the stage of completion of the transaction at the end of the reporting period.

Recognition: rendering of services

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The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:1. the amount of revenue can be measured reliably;2. it is probable that the economic benefits associated

with the transaction will flow to the entity;3. the stage of completion of the transaction at the end of

the reporting period can be measured reliably; and4. the costs incurred for the transaction and the costs to

complete the transaction can be measured reliably.


• Service revenue is recognised with reference to the stage of completion (percentage of completion method).

• Stage of completion may be determined by using a variety of methods:– Surveys of work performed– % performed to date as % of the total services to be

performed.– % of costs to date as % of total costs

• Progress payments and advances are not an appropriate determinant.


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• When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue shall be recognised only to the extent of the expensesrecognised that are recoverable.


Interest shall be recognised using the effective interest method as when:

1. it is probable that the economic benefits associated with the transaction will flow to the entity; and

2. the amount of the revenue can be measured reliably.

Recognition: interest

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• Royalties shall be recognised on an accrual basis in accordance with the substance of the relevant agreementwhen:



Recognition: royalties

• Dividends shall be recognised when the shareholder’s right to receive payment is established when:



Recognition: dividends

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Case study #710 minutes

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accounting & bookkeeping fundamentals for tax practitioners

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