AC2101 S1 2014 Seminar 13 & 14 Deferred Tax (Anil).pptx

Enhanced carryback relief in ya 2009 and ya 2010

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Unformatted text preview: 1- 3) 2.  From items that do not appear on balance sheet (Illustration 4) 3.  Change in accounting policy / correction of error (Let’s discuss Illustration 5) 28 14 TD Arising from Policy Change & Error Correction Accounting policy changes & error correction are adjusted for using the retrospective method under FRS 8: Calculate the cumulative effect (CE) & adjust against the 1.  beginning retained profit (BRP) q༇  If there is DT effect, calculate & charge the Net of tax CE* to BRP Amend all comparative figures 2.  *Always apply 1st principle to determine whether there is any deferred tax. 29 Main Sources of TD 1.  Balance sheet items (Illustrations 1- 3) 2.  From items that does not appear on balance sheet (Illustration 4) 3.  Change in policy / correction of error (Illustration 5) *  Dr Beginning Retained Profit $300 ($400+$200- $300) *  Dr Deferred Tax Liability(B/S) $100 ($300- $200) Cr Accumulated Depreciation...
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This document was uploaded on 02/10/2014.

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