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Hello Mike!
Why we cannot change the estimate of let’s say year 1 estimated tax liability?
I do have understood that the actual liability is paid after the reporting period.
But does IAS 10 not applicable here? Is it not an adjusting event?
The condition of paying the tax already existed at the year end.Please clear this.
Thanks
Yes … except that the final liability as assessed and agreed by the taxman and the company will only be determined some time after the financial statements are agreen at the Annual General Meeting … and by then it’s too late to start thinking about adjusting / non-adjusting events
OK?
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