Exam 23: Revenue From Contracts With Customers

On 1 April 2015, the company rate of income tax was changed from 35% to 30%. At the previous reporting date (30 June 2014) Montgomery Limited had the following tax balances: $\bullet$ Deferred tax assets $26 250 $\bullet$ Deferred tax liabilities $21 000 What is the impact of the tax rate change on income tax expense?

CTT Limited has an asset which cost $300 with related accumulated depreciation of $100. The accumulated depreciation for tax purposes is $180 and the company tax rate is 30%. The tax base of this asset is:

Which of the following disclosures are optional under IAS 12?

Differences between the carrying amounts of an entity's net assets determined under accounting standards, and the tax bases of those net assets, are described as:

D'Silva Limited has a product warranty liability amounting to $10 000. The product warranty costs are not tax deductible until paid out to customers. The company tax rate is 30%. The company has:

A taxable temporary difference is expected to lead to the payment of:

During the year ended 30 June 2015 Barry Ltd, pays quarterly tax instalments as follows: €4000 on 28 October 2014 €11 000 on 28 February 2015 €12 000 on 28 April 2015 On 30 June 2015, Barry Ltd determines its total current tax liability for the year to be €33 000. The final tax instalment for the year will be:

At what point in time are deferred tax accounting adjustments recorded?