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INCOME TAXES


            Changes in Tax rate





          • Current and deferred tax rates may be different


                 • Current tax –Use rate that is expected to applied when tax is

                     actually paid


                 • Deferred tax –Use tax rate expected to apply when asset is
                     recovered or liability settled



          • When there is a change in tax rate


                 • D/T balances were recorded at the old rate

                        • Need to be recalculated at new rate

                 • Differences taken to P/L


                        • Unless they originated in OCI

          • Change in tax rate is disclosable


                 • IAS 12.80(d) – D/T expense / income due to rate change


                 • IAS 12.81(d) – Narrative detailing that a rate change occurred
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