- This topic has 1 reply, 2 voices, and was last updated 7 years ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
- Posts
we deduct the tax arising on revaluation from revaluation surplus both in OCI and statement of financial position,right?
for e.g 20% tax on revaluation of 600
so that would be
600-120 both in statement of financial position and OCI?Yes … up to a point
It really depends (at F7 level) upon whether the examiner tells you to take the tax effect of the revaluation to the revaluation reserve or to the profit or loss account as part of the year’s taxation
But, OK, the tax of $120 in your example would be both an increase in the tax charge in the statement of profit or loss and a part of the tax liability in the statement of financial position
Alright?
Viewing 2 posts - 1 through 2 (of 2 total)
- The topic ‘tax on revaluation’ is closed to new replies.