Reporting

• Example 1071


  • Tex
  • Deleret Tor
• Accounting for Current Tax


  The amount of current tax payable on the profit for the accounting period should be recognised as an expense in the statement of profit or loss
• If there is any tax arising in relation to a revaluation of an asset


  The revaluation and the associated tax charge are shown in other comprehensive income
• If there is any tax arising in relation to a correction of a prior period error, or the change of an accounting policy


  The correction and the associated tax charge are shown in the statement of changes in equity
• Accounting for Current Tax (cont.)