Page 95 - Finac1 Test 1 slides
P. 95
INCOME TAXES
Outcomes
• Identify the objective of IAS 12 and be able to apply IAS
12.
• Understand and apply the following definitions:
• Tax base of assets and liabilities;
• Taxable and deductible temporary differences; and
• Deferred tax assets and liabilities.
• Understand and calculate current tax.
• Understand and calculate deferred tax by:
• Calculating the tax base of assets and liabilities,
• Calculating the temporary differences for each asset and
liability, and
• Calculating the movements in temporary differences and
deferred tax.
95
