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current tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › current tax

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • May 31, 2021 at 4:06 am #622355
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    sir wanted to confirm the following,

    Current tax expense in SPL and amount paid to tax authorities in current year= current tax estimate for current year’s profits+ under provision last year – over provision last year

    Current tax payable in SFP= current tax estimate for current year’s profits

    Can you confirm if all of the above information mentioned is correct?

    May 31, 2021 at 11:14 am #622407
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    I think that is a fair summary. P&L charge will include any adjustment for prior year tax which was under- or over- accrued.

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