Page 261 - F1 Integrated Workbook STUDENT 2018

IAS 12 Income taxes

IAS 12 Income taxes

1.1 Overview

IAS 12 Income Taxes covers the general principles of accounting for tax although tax
systems may vary from country to country.

The income tax expense in the income statement is made up of three elements:

 Current tax

 Over/under provision

 Deferred tax (Outside the scope of F1)

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