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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 8 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
    Member
    • Topics: 236
    • Replies: 176
    • ☆☆☆

    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: 6443
    • ☆☆☆☆☆

    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

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