2016 Accounting and Reconciliation

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1 2016 Accounting and Reconciliation Presented by Herman van Dyk Herman van Dyk is the Programme Leader for Taxation at the Potchefstroom Campus of the North-West University. He is a Chartered Accountant (SA) and Associate Chartered Accountant (England & Wales). He graduated with an MCom in South African and International Taxation cum laude. He received an academic award for the research part of this qualification titled Grounds for allowing a tax deduction for employee share incentives (best dissertation in the class).

2 Programme: 08:15 08:55 Registration 09:00 10: Accounting and Reconciliation for Tax Practitioners 10:30 10:50 Tea Break (20 mins) 10:50 13: Accounting and Reconciliation for Tax Practitioners 13:00 Conclusion

3 Welcome 2016 Accounting and Reconciliation for Tax Practitioners Presented by Herman van Dyk Upcoming CPD Events 1

4 Upcoming CPD Events Refer to our website for all upcoming events September 2016 Tax Consequences of ITR14 and IT14SD forms October 2016 Tax Administration Act 2016 Accounting and Reconciliation 2

5 Introduction IFRS is not the "tax base" in South Africa The starting point for determining a company's tax liability is its ACCOUNTING PROFIT reported in its financial statements. However, general purpose financial statements aim to provide financial information such as financial performance, financial position and cash flows to a wide audience of users such as financiers and investors. Financial statements are therefore not specifically tailored for tax reporting. Overview 1. Format of financial statements and assurance requirements 2. Fundamental differences between accounting standards and tax law and tax risk analysis 3. Essential reconciliations to perform when compiling the financial statements 4. Accounting for taxation and deferred tax 3

6 Format of financial statements and assurance requirements Critical questions Who must/may compile the financial statements? Is there a prescribed format and financial reporting framework that must be applied? Are there specific assurance requirements audit or independent review? 4

7 Who must compile financial statements? Financial statements may be compiled: Internally Independently Consequences? Independently compiled and reported Requirements 1. Professional requirement: must be RA or CA(SA) or member of qualified to be appointed as an accounting officer of a close corporation; 2. Independence requirement: does not have a personal financial interest in the company or a related company and is/was not involved in day to day management or a prescribed officer or full-time executive employee of the company or related company for the current or previous three financial years. 5

8 Close Corporations Accounting officers: recognised professions The South African Institute of Chartered Accountants Auditors registered in terms of the provisions of the Auditing Profession Act, 2005 The Southern African Institute of Chartered Secretaries and Administrators The Chartered Institute of Management Accountants The South African Institute of Professional Accountants IAC members with a Diploma in Accountancy The Association of Chartered Certified Accountants The Chartered Institute of Business Management The South African Institute of Business Accountants The South African Institute of Government Auditors Engagements to compile financial statements ISRS 4410 (previously ISA 930) 1. Use of accounting expertise to collect, classify and summarise financial information. 2. Entails reducing detailed data to a manageable and understandable form without a requirement to test the assertions underlying that information. 3. The procedures employed do not enable the accountant to express any assurance on the financial statements. 4. However, users of financial statements do derive some benefit as a result of the accountant's involvement because the service has been performed with professional competence and due care. 5. Must comply with the IFAC Code of Ethics. 6

9 IFAC Code: Fundamental principles Integrity Objectivity Professional behaviour Professional competence and due care Confidentiality Report 7

10 Timeline for preparing annual financial statements Section 30(1) with period of six months 6 months Year-end AFS prepared Critical questions Who must/may compile the financial statements? Is there a prescribed format and financial reporting framework that must be applied? Are there specific assurance requirements audit or independent review? 8

11 Possible standards to apply IFRS IFRS for SMEs SA GAAP No specific framework withdrawn from 1 December 2012 State owned (SOC) companies IFRS, but in the case of any conflict with any requirement in terms of the Public Finance Management Act, the latter prevails. 9

12 Public companies listed on an exchange Must apply full IFRS. Public companies (not listed) Choice: Provided that the company meets the scoping requirements in IFRS for SMEs 10

13 Scope of IFRS for SMEs The IFRS for SMEs is intended for use by small and medium-sized entities (SMEs). Entities that do not have public accountability Public accountability An entity has public accountability if: its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (most banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks would meet this second criterion). 11

14 Private companies Public interest score of 350+ Choice: Provided that the company meets the scoping requirements in IFRS for SMEs Private companies Public interest score of Choice: Public interest score of 0-99 AND AFS are independently compiled Provided that the company meets the scoping requirements in IFRS for SMEs 12

15 Private companies Public interest score of 0-99 AND AFS are internally compiled The Financial Reporting Standard as determined by the company for as long as no Financial Reporting Standard is prescribed. No specific framework Non profit companies (NPC) NPC incorporated directly or indirectly by the state, an organ of state, a state-owned company, an international entity, a foreign state entity or a foreign company OR NPC incorporated primarily to perform a statutory or regulatory function in terms of any legislation, or to carry out a public function at the direct or indirect initiation or direction of an organ of the state, a state-owned company, an international entity, or a foreign state entity, or for a purpose ancillary to any such function. 13

16 Non profit companies (NPC) Other non profit companies follow the same rules as for private companies (PI score). Important principle If IFRS or IFRS for SMEs is adopted, it must be fully applied. Selective application is not permitted. 14

17 Complete set of financial statements (IFRS/IFRS for SMEs) Statement of financial position (balance sheet) Statement of profit or loss and other comprehensive income (income statement) Statement of changes in equity* Statement of cash flows Notes including basis of preparation and accounting policies Other important features of IFRS and IFRS for SMEs Accrual basis of accounting Comparative information is required Disclosures 15

18 Critical questions Who must/may compile the financial statements? Is there a prescribed format and financial reporting framework that must be applied? Are there specific assurance requirements audit or independent review? Levels of assurance Compilation Independent review External audit No assurance Moderate assurance Reasonable assurance Expressed as negative assurance 16

19 Independent review ISRE 2400 The objective of a review of financial statements is to enable a practitioner to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the practitioner s attention that causes the practitioner to believe that the financial statements are not prepared, in all material respects, in accordance with the applicable financial reporting framework (negative assurance). Must apply the same materiality considerations as if an audit opinion were being given Negative assurance RI reported to CIPC Mostly inquiries and AP Independent review procedures ISRE 2400 Obtaining an understanding of entity's business and industry Inquiries Analytical procedures Review (reading) of the financial statements Subsequent events procedures List of procedures in Appendix 2 of ISRE

20 Who may perform Independent review? PI score 100+: registered auditor or CA(SA) PI score <100: a person qualified to be appointed as an accounting officer of close corporation Must be independent (no financial interest, not director or employee) May not be same person who was involved in preparation of financial statements Audit requirement: regulation 28 Companies and close corporations public companies state owned companies companies if, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R 5 million NPC incorporated directly or indirectly by the state, an organ of state, a state-owned company, an international entity, a foreign state entity or a foreign company NPC incorporated primarily to perform a statutory or regulatory function in terms of any legislation, or to carry out a public function at the direct or indirect initiation or direction of an organ of the state, a state-owned company, an international entity, or a foreign state entity, or for a purpose ancillary to any such function other companies with a PI score of 350+ other companies with a PI score of 100+ and AFS are internally compiled. 18

21 Independent review requirement Companies only Compulsory or voluntary audit performed Independent review requirement Unless if section 30(2A) exemption applies Exemption from audit and independent review Section 30(2A) Companies only If, with respect to a particular company, every person who is a holder of, or has a beneficial interest in, any securities issued by that company is also a director of the company, that company is exempt from the requirements in this section to have its annual financial statements audited or independently reviewed. 19

22 Audit (section 90(2)) Statutory independence requirement Auditor or firm must not be: a director or prescribed officer of the company; an employee or consultant of the company who was or has been engaged for more than one year in the maintenance of any of the company s financial records or the preparation of any of its financial statements; a director, officer or employee of a person appointed as company secretary; a person who, alone or with a partner or employees, habitually or regularly performs the duties of accountant or bookkeeper, or performs related secretarial work, for the company; any of the above at any time during the five years preceding appointment. Close Corporations Accounting officers: duties Determine whether financial statements are in agreement with accounting records Review appropriateness of accounting policies Report in respect of the above. 20

23 Public Interest Score (PI Score) Calculation 1. Number of points equal to average number of employees during the financial year + 2. One point for every R1 million (or portion thereof) in third party liability at the financial year end + 3. One point for every R1 million (or portion thereof) in turnover during the financial year + 4. one point for every individual who, at the end of the financial year, is known by the company in the case of a profit company, to directly or indirectly have a beneficial interest in any of the company s issued securities; or in the case of a non-profit company, to be a member of the company, or a member of an association that is a member of the company. Interpretation: "employee" According to Companies Regulations, use definition in Labour Relations Act (66 of 1995): 21

24 Interpretation: "beneficial interest" beneficial interest, when used in relation to a company s securities, means the right or entitlement of a person, through ownership, agreement, relationship or otherwise, alone or together with another person to receive or participate in any distribution in respect of the company s securities; exercise or cause to be exercised, in the ordinary course, any or all of the rights attaching to the company s securities; or dispose or direct the disposition of the company s securities, or any part of a distribution in respect of the securities, but does not include any interest held by a person in a unit trust or collective investment scheme in terms of the Collective Investment Schemes Act, 2002 Holders of a beneficial interest Beneficiaries? Trust owns shares in Company 22

25 Case study 1 15 minutes The following information pertains to CompCo (Pty) Ltd for the financial year ended 31 December 2016: The company had an average of 60 employees during the year excluding the board of directors. Case study 1 Shareholders Damon Hamilton Lewis Button Eddie Hill Joanne Irvine BE Family Trust (trust has three beneficiaries) Board of directors Damon Hamilton Lewis Button Eddie Hill Joanne Irvine 23

26 COMPCO (PTY) LTD PROVISIONAL STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DEC R REVENUE Cost of sales GROSS PROFIT Administrative expenses Other expenses Finance costs PROFIT BEFORE TAX COMPCO (PTY) LTD PROVISIONAL STATEMENT OF FINANCIAL POSITION AS AT 31 DEC R ASSETS Non-current assets Property, plant and equipment Current assets Trade and other receivables Cash and cash equivalents EQUITY AND LIABILITIES Equity Share capital Retained earnings Non-current liabilities Long-term borrowings Current liabilities Tax payable

27 Matters to consider (required): Should the financial statements be prepared by an external accountant or may it be done by the company's internal finance staff? By which date must the financial statements be prepared? Which financial reporting standards must be applied when preparing the financial statements? Are there any assurance (audit or independent review) requirements? Solution 25

28 Fundamental differences between accounting standards and tax law Tax risk analysis of financial statements Profit before tax for accounting purposes Revenue Cost of sales ( ) Gross profit Other income Expenses ( ) Profit before tax

29 Taxable income Section 1 of the Income Tax Act Gross income Exempt income (20 000) Income Deductions ( ) Taxable capital gain 0 Taxable income Completing corporate income tax return IFRS Profit before tax IT14 Taxable income Tax law 27

30 Revenue Accounting IAS 18/IFRS 15/section 29 Recognised when recognition criteria is met. Recognised at fair value of consideration. Tax Gross income definition, special inclusions and case law. Earlier of receipt or accrual. Recognised at face value (proviso to the definition). Case study 2 10 minutes Propco (Pty) Ltd owns an office building that is rented out to a commercial tenant for R per month (excluding VAT). Propco (Pty) Ltd has a February financial year-end. On 1 January 2016, the tenant paid rent for six months in advance. Required: indicate the appropriate accounting and tax treatment for Propco for the year ended 29 February

31 Solution Expenses Accounting Recognised when recognition criteria is met. Tax "Trade" requirement Must meet general or special deduction provision requirements (certain expenses may therefore not qualify). Certain expenses are prohibited. 29

32 Examples of expenses that do not qualify for a tax deduction Equity-settled share-based payments are expensed for accounting purposes, but would not qualify for a tax deduction since no "expenditure" was incurred (CSARS v LABAT), unless special deduction in section 11(lA) applies. Mark-to-market losses ("book losses") on financial instruments are usually expensed for accounting purposes, but would not ordinarily qualify for a tax deduction since they were not actually incurred (however, section 24JB applies to certain persons and provides for IFRS-based taxation of financial instruments) Donations are not deductible in terms of section 11(a) since they are not in the production of income (CIR V PICK 'N PAY WHOLESALERS), unless the special deduction in section 18A applies (only applies to donations to certain PBO's). Expenditure: variable remuneration Section 7B In determining the taxable income derived by any person during a year of assessment, any amount to which an employee becomes entitled from an employer in respect of variable remuneration is deemed to- accrue to the employee constitute expenditure incurred by the employer on the date during the year of assessment on which the amount is paid to the employee by the employer. 30

33 Variable remuneration Section 7B EMPLOYER EMPLOYEE CASH BASIS Deduction Taxed Variable remuneration Section 7B Variable remuneration means overtime pay, bonus, commission, travel allowances and advances, leave pay. CASH BASIS 31

34 Prohibited deductions Private maintenance expenses (s 23(a)) Domestic of private expenses (s 23(b)) Recoverable expenses (s 23(c)) Interest, penalties and taxes (s 23(d )) Provisions and reserves (s 23(e)) Expenditure to produce exempt income (s 23(f )) Non-trade expenses (s 23(g)) Notional interest (s 23(h)) Deductions already claimed against lump sums (s 23(i )) Labour brokers and personal service providers (s23(k)) Restraint of trade unless it qualifies for special deduction (s23(l )) Expenditure related to employment or holding of an office (s 23(m)) Unlawful activities (s 23(o)) Expenses incurred in production of foreign dividends (s23(q)) Policies (23(p) and (r) Case study 3 10 minutes Foxtrot (Pty) Ltd Statement of profit or loss and other comprehensive income for the year ended 31 December 2015 Revenue 500,000 Cost of sales (100,000) Gross profit 400,000 Employee cost (120,000) Loss on financial instrument (5,000) Other expenses (100,000) Profit before tax 175,000 32

35 Case study 3 (continued) Additional information 1. Employee cost includes a R provision for bonuses that is due and payable to staff in terms of employment contracts. The bonuses will be paid during February Also included is a R10,000 equity-settled share-based payment made to the company's managing director. 2. Shares were purchased in A Ltd for R15,000 on 18 July The shares were trading at R10,000 on 31 December 2015 resulting in a loss of R5, Other expenses include: Traffic fines R2 000 Donation to homeless person R3 000 SARS penalty for late VAT201 R5 000 CALCULATE TAXABLE INCOME FOR 2015 Solution 33

36 Leases Proposed changes Accounting Operating lease payments are expensed straightline over lease period. Finance leases leased assets and liabilities are recognised. Assets are depreciated Interest recognised on liabilities. Tax Lease payments actually incurred deductible if s11(a) requirements are met. Section 8(5) recoupment on acquisition of leased assets Fixed assets Accounting Depreciated over useful life to residual value. Depreciation starts when asset is available for use. Tax Depreciated over periods specified in legislation or SARS rulings. Small items (<R7,000) are fully written off in first year. Capital allowances commence when brought into use. 34

37 Fixed assets (continued) Accounting Upon disposal, a gain or loss is recognised as difference between proceeds and carrying amount. Revaluation/fair value models. Tax law Upon disposal, a capital gain arises as the difference between proceeds and base cost, subject to exclusions, rollover relief and only partly taxable (40% or 80%). Timing of disposal rules may differ from accounting derecognition. Related party/connected person transactions Accounting Requires disclosure of relationships, key management compensation and related party transactions and balances. Tax Transactions with connected persons could have various tax implications: Transfer pricing and thin capitalisation Limitation of losses and deductions VAT implications (timing and value of supplies) Investments in CFC's could result in net income of foreign company being imputed in terms of s9d. 35

38 Transfer pricing: affected transaction Section 31 Resident connected persons Non-resident PE of non-resident in SA connected persons Non-resident Resident connected persons PE of other resident outside SA CFC connected persons Non-resident Affected transaction Section Any term or condition of that transaction should be different from any term or condition that would have existed if those persons had been independent persons dealing at an arm s length. 2. Such difference result in a tax benefit for any party to the transaction. 36

39 Consequences of an affected transaction Primary transfer pricing adjustment 31(2) Secondary transfer pricing adjustment 31(3) Primary adjustment Section 31(2) The taxable income or tax payable of each party to the transaction that derives a tax benefit must be calculated as if the transaction had been entered into on arm s-length terms and conditions. 37

40 Secondary adjustment Section 31(3) Any primary adjustment to a person's taxable income or tax payable are deemed to be one of the following: Deemed dividend in specie Deemed donation Resident company Resident NP or trust Low or zero interest loans Borrower (debtor) Could result in gross income for tax purposes if loan is granted quid pro quo (in exchange for) something (Brummeria Renaissance principle) Debit loans to shareholders is a possible deemed in specie dividend for dividends tax purposes. 38

41 Low or zero interest loans Lender Attribution rules in section 7/paragraphs 69 to 72 of Eighth Schedule. Possible donations tax (not currently SARS practice). Proposed new legislation applicable to trusts. Limitation of interest deductions Section 23M: Limitation of the deduction in respect of interest paid to persons not subject to tax. Section 23N: limitation of interest in respect of reorganisation and acquisition transactions. 39

42 Personal service providers If a company is classified as a personal service provider, allowable deductions are limited to: employee cost and fund contributions legal expenses bad debts refund of employment income or restraint of trade payments. Essential reconciliations to perform when compiling financial statements 40

43 Income statement VAT201 Revenue Cost of sales VAT201 ( ) Gross profit Other income Expenses EMP501 ( ) Profit before tax Taxable income IT14 VAT reconciliations Output VAT Sales Input VAT Cost of sales 41

44 Output VAT reconciliation Revenue/turnover for the year A Total output VAT per VAT201 return periods that fall within financial year divide by 0.14 to determine total standard rated supplies for the year Total zero-rated supplies per VAT per VAT201 return periods that fall within financial year Total exempt and non-supplies per VAT201 return periods that fall within financial year Total VAT supplies made during the year (B+C+D) B C D E DIFFERENCE (A - E) Input VAT reconciliation Total input VAT as per VAT201 tax periods Total acquisitions ( A / 0.14) A B Opening stock C Purchases D Closing stock E Cost of sales C+D+E F Reconciling differences B - F 42

45 PAYE reconciliation Employee cost on financial statements Total amount on which PAYE was calculated Case study 4 10 minutes You want to submit the ITR14 tax return of Gulf (Pty) Ltd. The company sells retail goods to the local market, but usually exports one large shipment of goods to the UK during November. The financial statements indicate total revenue for the 2015 financial year as R1,020,

46 Case study 4 continued The company is a category B VAT vendor (two month VAT periods ending in even months). A review of the VAT201 returns for the year revealed the following output tax amounts: February April Junie August October December The invoice issued for the November shipment to the UK amounted to R240,000. This amount was correctly indicated as a zero-rated supply on the December VAT return. PERFORM OUTPUT VAT RECONCILIATION Solution 44

47 Accounting for income tax IAS 12 Section 29 of IFRS for SMEs Tax expense Current tax Consists of: Deferred tax 45

48 Current tax Current tax is tax payable (refundable) in respect of the taxable profit (tax loss) for the current period or past periods. Usually the amount assessed on the tax assessment for the year Current tax assets and liabilities Current tax liability is recognised for tax payable (debt owing to tax authority) Current tax asset is recognised if the amount already paid to tax authority is more than the amount owing (provisional tax paid was more than amount finally assessed). 46

49 Deferred tax Deferred tax is tax payable or recoverable in future periods, generally as a result of the entity recovering or settling its assets and liabilities for their current carrying amount, and the tax effect of the carry forward of currently unused tax losses and tax credits. Deferred tax As indicated earlier in the course, there are a number of DIFFERENCES between rules contained in accounting standards and rules contained in tax law. 47

50 Deferred tax: types of differences Differences between Accounting and Tax Permanent differences (non-taxable/deductible items): The item is recognised for accounting purposes, but NEVER by the tax authority (or the other way around). Temporary differences: The item is recognised by both accountants and tax authority, but in a different period. The difference is only temporary. Over a longer period, there is no difference. Examples of permanent differences Dividends received are income for accounting purposes but exempt (therefore not included in taxable income) for tax purposes. Fines paid are expensed for accounting purposes but not deductible for tax purposes. 48

51 Examples of temporary differences A laptop with a cost of less than R7 000 is fully deductible for tax purposes in the year acquired (section 11(e)). If the laptop has a two year useful life for accounting purposes, it's cost will be expensed (as depreciation) over two years. This difference is only temporary, because after two years the asset will be fully "depreciated" for both accounting and tax purposes. Deferred tax Permanent differences Changes effective tax rate of company Temporary differences Gives rise to DEFERRED TAX 49

52 Example impact of permanent differences on effective tax rate on company Company A has profit before tax of R100,000 Included in this amount is a dividend of R20,000 The statutory tax rate is 28% Example impact of permanent differences on effective tax rate on company TAXABLE INCOME Profit before tax R100,000 Less: exempt dividend (R20,000) Taxable income R Tax at 28% R

53 Example impact of permanent differences on effective tax rate on company So what is the company's effective tax rate? Tax/Profit before tax 22,400/100,000 = 22.4% Compared to the statutory rate of 28% IAS 12 requires a reconciliation between a company's statutory and effective tax rate. Deferred tax Deferred tax arises from temporary differences Deferred tax = temporary differences x tax rate Deferred tax is the creation of an ASSET or LIABILITY for the future tax consequences of temporary differences If you are going to pay more tax in future because of temporary differences: LIABILITY If you are going to pay less tax in future because of differences: ASSET 51

54 Calculation of deferred tax Balance sheet method prescribed by IAS 12 Calculated on temporary differences Temporary difference (TD): difference between carrying amount (CA) and tax base (TB) of assets and liabilities Taxable temporary differences: more tax in future (deferred tax liability) Deductible temporary differences: less tax in future (deferred tax asset) 104 Balance sheet method CA TB TD DT (balance in SoFP) Movement (in P+L) CA TB TD x rate This year s SoFP balance less last year s SoFP balance 52

55 105 How to calculate the tax base (TB) Tax base Of an asset (e.g. PPE) Of a liability (e.g. creditors) Rule 1: TB = tax deductions to be granted by tax authority in future Rule 2 (exception to rule 1): If economic benefits of the asset are not taxable, then TB = CA Rule 1: TB = CA less tax deductions in future Rule 2 (exception to rule 1): The TB of income received in advance = CA less amounts NOT taxable in future Case study 5 5 minutes Calculate the tax base on 31 December 2016 of each of the following items: 1) Delivery vehicles purchased for R on 1 January SARS allows four year write off. 2) Trade creditors of R ) Income received in advance of R

56 107 Deferred tax asset or liability? Ask: will the company pay more tax in future (Taxable TD liability), or less tax in future (Deductible TD asset)? Useful shortcut: Item = asset (e.g. PPE) CA > TB DT LIABILITY Item = asset (e.g. PPE) CA < TB DT ASSET Item = liability (e.g. loan) CA > TB DT ASSET Item = liability (e.g. loan) CA < TB DT LIABILITY Case study 6 10 minutes AssetCo (Pty) Ltd has profit before tax of R for the year ended 31 December 2016, which includes dividends received of R AssetCo is not a small business corporation. Included in the profit before tax is depreciation on equipment of R The SARS grants a wear-and-tear allowance of R per annum on equipment. The equipment was purchased on 1 January 2016 for R During the year land with a cost price of R was sold for R (the gain is already included in the profit before tax figure above). Calculate the income tax expense of AssetCo for the year ended 31 December Reconcile the statutory income tax rate to the effective tax rate for the year ended 31 December

57 Disclosure requirements Section 29 current tax expense (income); any adjustments recognised in the period for current tax of prior periods; the amount of deferred tax expense (income) relating to the origination and reversal of temporary differences; the amount of deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes; the amount of the benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce tax expense; adjustments to deferred tax expense (income) arising from a change in the tax status of the entity or its shareholders; deferred tax expense (income) arising from the write-down, or reversal of a previous write-down, of a deferred tax asset the amount of tax expense (income) relating to those changes in accounting policies and errors that are included in profit or loss because they cannot be accounted for retrospectively

58

59 113 Sources of information Useful downloads Companies Act (71 of 2008) Companies Regulations (2011) International Standard on Review Engagements 2400 International Standard on Related Services 4410 IFRS for SMEs 57

60 Thank you Thank you for attending this event. 58

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