Page 30 - PowerPoint Presentation
P. 30
IAS 8
Illustrative Example - calcs
COMMENT
• The SARS will not re-open the tax assessments for
the financial years ended 31 August 20.9 and 20.10
to accommodate the change in the accounting
policy but will allow the new valuation method
from the current financial year (20.11).
• A deferred tax liability is raised on 31 August 20.9
and 20.10 due to the SARS only allowing inventory
valued using the old valuation method as a
deduction as part of cost of sales.
