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Hi Mike,
Are we required to know about the determination of tax bases of assets and liabilities?
For example, an interest receivable has a carrying amount of $1,000. The related interest revenue will be taxed on a cash basis. Determine the tax base and temporary differences.
Would we be tested on such? Determining the tax bases for different assets and liabilities makes tax base so confusing 🙁
“Would we be tested on such?”
Highly improbable – I can barely remember it being tested at P2 let alone at F7
I think you would have to consider yourself EXTREMELY unlucky if that particular question appeared
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