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What is IAS 12: Current and Deferred Tax Explained about?
The document discusses IAS 12 Income Taxes and the accounting for current and deferred taxes. It states that current tax is the amount of income taxes payable or recoverable for the period based on profits. Deferred tax is an accounting adjustment to match the tax effects of transactions to the appropriate accounting period, arising from temporary differences between accounting profit and taxable profit. Temporary differences occur when expenses are deductible for tax purposes in different periods than they
- Author
- Reever River
- Language
- EN