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Calculate income taxes paid in 2023 and discuss the related disclosure requirements under IFRS, if any (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (45)) Income taxes paid Under IFRS, income taxes paid are to be disclosed.

Calculate income taxes paid in 2023 and discuss the related disclosure requirements under IFRS, if any (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (45)) Income taxes paid Under IFRS, income taxes paid are to be disclosed.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Swifty Inc., which follows IFRS, had the following balances and amounts on its comparative financial statements at year end: Dec. 31, 2023 $1,020 340 Income taxes payable Deferred tax asset Deferred tax liability Current income tax expense Deferred tax expense (a) Income taxes paid S 2,080 Under IFRS, income taxes paid are 2,520 40 Dec. 31, 2022 $1,490 -0- Calculate income taxes paid in 2023 and discuss the related disclosure requirements under IFRS, if any (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) 1.520 1.930 (260) to be disclosed.
Transcribed Image Text:Swifty Inc., which follows IFRS, had the following balances and amounts on its comparative financial statements at year end: Dec. 31, 2023 $1,020 340 Income taxes payable Deferred tax asset Deferred tax liability Current income tax expense Deferred tax expense (a) Income taxes paid S 2,080 Under IFRS, income taxes paid are 2,520 40 Dec. 31, 2022 $1,490 -0- Calculate income taxes paid in 2023 and discuss the related disclosure requirements under IFRS, if any (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) 1.520 1.930 (260) to be disclosed.
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