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Dear Chris
I would like to learn how to adjust accounting profit to arrive at tax profit. Do you remember in which section of ACCA course on opentuition this can be found ? Is it in financial reporting section ? Is it in taxation section ? Please, let me know
Hi,
There is no particular section of any material that is dedicated to this. Essentially you are just rearranging the figures from the statement of profit and loss and working backwards from the profit for the year figure to the profit before tax figure.
PBT less Income tax expense = PFY
You can then rearrange this so that,
PBT = PFY plus Income tax expense
Thanks
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