• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

ACCA Webinars: How to earn marks in Strategic Professional Exams. Learn more >>

20% off BPP Books for ACCA & CIMA exams - Get BPP Discount Code >>

Deferred tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Deferred tax

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • May 25, 2022 at 1:46 pm #656426
    ilham9089
    • Topics: 216
    • Replies: 170
    • ☆☆☆

    The trial balance of Highwood Co at 31 March 20X6 showed credit balances of $800,000 on current tax and
    $2.6 million on deferred tax. A property was revalued during the year giving rise to deferred tax of
    $3.75 million. This has been included in the deferred tax provision of $6.75 million at 31 March 20X6.
    The income tax liability for the year ended 31 March 20X6 is estimated at $19.4 million.
    What will be shown as the income tax charge in the statement of profit or loss of Highwood at
    31 March 20X6?

    Why do we remove the revaluation deferred tax from the deferred tax provision, isn’t it credited to deferred tax provision? Help, this is making no sense

    May 30, 2022 at 4:46 pm #656886
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6158
    • ☆☆☆☆☆

    This is the same thing. Any deferred tax on revaluation of PPE is taken through OCI to match where the gain itself was taken.

    Thanks

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

ACCA Introducing professional skills into the Options exams

ACCA Professional Skills Webinar – Register now

Donate

If you have benefited from OpenTuition please donate.

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • Wasfi on FA Chapter 23 Questions Group Accounts The Consolidated Statement of Financial Position (2)
  • Chukwuedo2505 on Double Entry Bookkeeping (part b) – ACCA Financial Accounting (FA) lectures
  • mannannagpal on MA Chapter 5 Questions Ordering and Accounting for Inventory
  • mannannagpal on MA Chapter 5 Questions Ordering and Accounting for Inventory
  • mbarrie on FA Chapter 4 Questions Accruals and Prepayments

Copyright © 2022 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy