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Tax payable

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Tax payable

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  • April 4, 2019 at 3:40 pm #511205
    mrjones
    Participant
    • Topics: 4
    • Replies: 6
    • ☆

    Hi, I was just wondering why is the tax payable figure is an accounting estimate, and not just the amount of tax due on the CT600?

    April 4, 2019 at 7:17 pm #511233
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7034
    • ☆☆☆☆☆

    Hi,

    The estimate is likely to be the figure on the tax return, so it may change following submission to the tax authorities.

    It is an accounting estimate per IAS 8 as if there are changes to it then it is adjusted prospectively, it is not a prior year error.

    Thanks

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