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Section 29 – Income Tax |
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1. |
An entity shall disclose information that enables users of its financial statements to evaluate the nature and financial effect of the current and deferred tax consequences of recognised transactions and other events. |
29.25 |
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2. |
An entity shall disclose separately the major components of tax expense (income). Such components of tax expense (income) may include: a) current tax expense (income); b) any adjustments recognised in the period for current tax of prior periods; c) the amount of deferred tax expense (income) relating to the origination and reversal of timing differences; d) the amount of deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes; e) adjustments to deferred tax expense (income) arising from a change in the tax status of the entity or its shareholders; and f) the amount of tax expense (income) relating to changes in accounting policies and material errors (see Section 10 Accounting Policies, Estimates and Errors). |
29.26 |
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3. |
An entity shall disclose the following separately: a) the aggregate current and deferred tax relating to items that are recognised as items of other comprehensive income or equity; b) a reconciliation between: i. the tax expense (income) included in profit or loss; and ii. the profit or loss on ordinary activities before tax multiplied by the applicable tax rate; c) the amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period together with a brief explanation for the expected reversal; d) an explanation of changes in the applicable tax rate(s) compared with the previous reporting period; e) the amount of deferred tax liabilities and deferred tax assets at the end of the reporting period for each type of timing difference and the amount of unused tax losses and tax credits; f) the expiry date, if any, of timing differences, unused tax losses and unused tax credits; and g) in the circumstances described in paragraph 29.14, an explanation of the nature of the potential income tax consequences that would result from the payment of dividends to its shareholders. |
29.27 |
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