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Hi sir, I am having a lot of problem in determining the tax base for liabilities. And I have a already spent too much time on this, yet I can’t seem to understand. I just want to know if its part of the exam syllabus to be able to determine the tax base of assets and liabilities because its not included in my ACCA approved complete text book. But it was included within my lecture notes.
Here’s the extract from the F7 syllabus:
“8. Taxation
a) Account for current taxation in accordance with relevant accounting standards
b) Explain the effect of taxable temporary differences on accounting and taxable profits
c) Compute and record deferred tax amounts in the financial statements”
I see nothing there about being able to determine the tax base of assets. Do you?
OK?
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