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Syllabus B10. Tax in financial statements

Syllabus B10

Tax in financial statements 13 / 19

• Account for current tax liabilities and assets in accordance IFRSs.
• Describe the general principles of government sales taxes (e.g. VAT or GST).
• Outline the principles of accounting for deferred Tax.
• Explain the effect of taxable and deductible temporary differences on accounting and taxable profits.
• Identify and account for the IASB requirements relating to deferred tax assets and liabilities.
• Calculate and record deferred tax amounts in the financial statements.