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I didnt understand part b ..
Non recurring items
Could u make a general points or summary for answering ? Plz.
I did read the examiner answer but still not clear for me
In part c) for same question
How did we got the figure 53.3 million profit . That chemclean have to recognize?
Hi,
In the question they have included a ‘non-recurring’ item, so something that will not arise again but this is not allowed per IAS 1.
The 53.3 million comes from 16 / 0.3 (tax rate), the reason being that if we made a profit of 53.3 million and paid tax at 30% then the tax would be 16 million that we can then use the deferred tax asset against.
Thanks
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