Table of Contents 1.0 Introduction 1 2.0 Discussion 2 2.1 Exploration and Development costs creates a Deferred Tax Liability 2 2.2 Analysis on arguments by directors 3 2.2.1 No Income Tax Expenses 3 2.2.2 No deferred tax liability 4 2.2.3 Tax losses 5 2.3 Information utility to users of financial report of deferred tax liabilities 6 3.0 Conclusion 7 References 8 1.0 Introduction Accounting Standard AASB 112 (Income Taxes) prescribe the accounting treatment for income taxes
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Executive Summary With a rapidly growing economy and the multitude of organisations that exist in Australia, there is a great need for consistency and regulation when it comes to accounting. The AASB (Australian Accounting Standards Board), has set out such guidelines known as “accounting standards” which govern how businesses should be recording their financial reports. These range from the recording of share-based payments to agriculture of the business. There are three main benefits of a
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Public Economics 6 (1976) 55-75. 0 North-Holland Publishing Company THE DESIGN OF TAX STRUCTURE: DIRECT VERSUS INDIRECT TAXATION* A.B. ATKINSON University of Essex, Wivenhoe Park, Colchester, England J.E. STIGLITZ Stanford University, Stanford, CA 94305, U.S.A. Revised version received February 1976 1. Introduction The recent literature on optimal taxation may be seen as attempting to clarify the structure of the arguments advanced to support changes in the tax system, tracing the
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Cash vs Accrual Under the cash basis of accounting… 1. Revenues are reported on the income statement in the period in which the cash is received from customers. 2. Expenses are reported on the income statement when the cash is paid out. Under the accrual basis of accounting… 1. Revenues are reported on the income statement when they are earned—which often occurs before the cash is received from the customers. 2. Expenses are reported on the income statement in the period when they
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1) The advertising expense is absolutely to be claimed 100% for the amount incurred as it is a part of the business property investment. Repairs is categorized as to the extent which is to refresh the house as to its beginning state will be a deduction for example repair the leaking proof, repair the floor be tear out. However the repairs that is excessive relating to using the better material or replacing the stuff or equipment which are not supposed to be a part of the property such as electronic
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UNION BUDGET 2014 - 2015 UNION BUDGET 2014 - 2015 INDEX o o o o Key Highlights Tax Rates: Direct Taxes Market movements: Equity & Debt Economic update: o o o Budget summary Revenue snapshot Expenditure snapshot Sector updates Financial Sector Mutual Funds o o Equity Market: Outlook and Strategy Debt Market: Outlook and Strategy 1 UNION BUDGET, 2014 - 2015 KEY HIGHLIGHTS On the back of a decisive mandate, the first budget of the NDA government has laid
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Differences between IFRS and U.S GAAP Duoyi Zhang (1) | Issue: |Measurement basis of agricultural crops, livestock, orchards, | | |forests. | |1.IFRS IAS 41, Para 10-33 |Fair value with value changes recognized in profit or loss. | |2.U.S GAAP
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New York is the most populous city in the United States (1), and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world (2). New York City is home to more than 8.3 million people. It is the largest city in the U.S., more than twice the size of Los Angeles, the second-largest city in the nation, and close to three times the size of Chicago, the third most populous. If New York City were a state, it would rank as the 12th largest in the U.S. with respect
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Chapter 6 5 Delta Corporation purchased 3 assets during the current year: an automobile costing $60,000, office furniture $260,000 and a warehouse costing $750,000. Which assets should Delta elect Section 179 expensing for and why? It should expense the $206,000 in furniture. The amount for the automobiles is over the limitation of $11,060. The warehouse is not eligible. 8 Why would a business elect to use the ADS straight-line method to compute regular income tax depreciation rather than the
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Property tax trial: a sharp sword or a delicate needle? On Jan 28th 2011, China finally began to implement its property tax policy in two trial cities, Shanghai and Chongqing. The new tax policy was expected to be carried out through the whole year and to successfully cool the overheated real-estate market. However, the result seems complex and confusing. An Overview of the Property Tax Policy Property tax policy is different in Shanghai and Chongqing, varying in tax rate and charging targets
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