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Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Income taxes
Just wondering why the standard is called income tax, when for companies it would be corporation tax? Also, why is the expense to P&L called income tax expense
The standard applies to accounts for entities preparing accounts and not just companies.So it applies to entities such as partnerships and limited liability partnerships as well as corporations.Also since it is an international standard it applies to countries that may not necessarily categorise tax on companies as corporation tax.Hope this is helpful.
