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

AC2101 S1 2014 Seminar 13 14 Deferred Tax(Anilx

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Unformatted text preview: pense + Deferred Tax Expense *  Tax expense = Accounting Profit adjusted for permanent differences if any * Current Tax rate *  Repeat Steps 1- 3 for next financial year 16 8 Clicker Question: Co. has a dividend receivable of $20,000 in its balance sheet as at 31 December 2008. This dividend income is not taxable. What is the tax base? 1.  20,000 2.  0 FRS 12 para 7: If those economic benefits will not be taxable, TB of asset deemed equal to CA. 17 Clicker Question: Co. has unearned income of $20,000 in its balance sheet as at 31 December 2008. For tax purpose, this is taxed on a cash basis. What is the tax base? 1.  20,000 2.  0 FRS 12 para 8: Tax base in this case = CA less any amount of revenue that will not be taxable in future period 18 9 1s...
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This document was uploaded on 02/10/2014.

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