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In FRS112 on Income Taxes or IAS 12,there is a requirement for a reconciliation statement between the Effective tax rate (ETR) to the Statutory Rate in the notes to the financial statement wherein the following are normally taken up: Non allowable expenses Deferred tax assets not recognized Expenses not allowed for tax purposes Non [...] As the taxable profit is computed based on taxation laws which differ from the accounting policies applied to determine the accounting profit,hence the taxable profit and accounting profit can differ. The difference between taxable profit and accounting profit can be classified into: permanent differences timing differences This articles looks at the aforesaid differences and [...] This article looks at some of following reasons / justifications / advantages of having department accounts Advantages Each department is viewed as separate profit centre where department accounts is useful to evaluate performance of individual department by ascertaining trading,profit or loss of each department The financial results namely [...] |  FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach. | |||||
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