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Section 29 – Income Tax
Scope
Section 29 deals with the recognition, measurement, disclosure and presentation of current and deferred taxes. It also covers the accounting for value added tax and other similar sales tax, which are not income taxes.
Section 29 requires an entity to recognise the current and future tax consequences of transactions and other events that have been recognised in the financial statements. These recognised tax amounts comprise current tax and deferred tax.
Current tax is tax payable/(refundable) in respect of the taxable profit/(taxable loss) for the current period or past reporting periods.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of the current and previous periods. This section also requires that deferred tax is recognised in respect of assets (other than goodwill) and liabilities recognised as a result of a business combination.
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