In relation to 'retained earnings', AASB 101 mandates the following disclosures: The beginning balance. The balance at reporting date. Any changes during the reporting period. The related tax adjustments in respect to any changes during the period. a) I, III and IV only b) II, III and IV only c) III and IV only d) I, Il and IIlI only

In relation to 'retained earnings', AASB 101 mandates the following disclosures: The beginning balance. The balance at reporting date. Any changes during the reporting period. The related tax adjustments in respect to any changes during the period. a) I, III and IV only b) II, III and IV only c) III and IV only d) I, Il and IIlI only

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

In relation to 'retained earnings', AASB 101
mandates the following disclosures:
The beginning balance.
The balance at reporting date.
Any changes during the reporting period.
The related tax adjustments in respect to any
changes during the period.
a)
I, III and IV only
b)
II, III and IV only
c)
III and IV only
d)
I, Il and III only

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