Accounting Standards & Deferred Tax

Isn't Panel the question asking about changes that will happen on first time adoption of IFRS particularly when moving away from UK GAAP? From memory, that was a 9 or 10 mark part a) and was pretty much looking for general comments about how IAS was trying to recognise that, over time, all assets have tax consequences but that local jurisdictions have different approaches to the timing of the taxation affects. Then part b) was specific to Panel Company itself and had three or four specific problems each with a temporary timing difference. In part b) you were expected to calculate the temporary difference and then the tax on that difference. So, to answer your question, part a) was chat about IAS on Taxation and the effect of IFRS1 (that IFRS should be asked less and less often now that the UK has eventually deigned to adopt International Standards) and part b) was applying deferred tax principles and calculations. Around 40% of the marks in the question to knowledge and 60% available for application OK?