CAF-6 · Chapter 7 · Question 12 of 15
Under IAS 12, 'Current Tax' is:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.
Explanation
Current tax is the amount currently owed to or receivable from the tax authorities based on the year's taxable result.
More IAS 12 Income Taxes MCQs
- Q14Which of the following would be considered a 'Permanent Difference' (though IAS 12 focuses on temporary ones)?
- Q15The measurement of deferred tax liabilities and assets should reflect the tax consequences that would follow from the manner in which the…
- Q1What is the 'Tax Base' of an asset?
- Q2A 'Taxable Temporary Difference' arises when:
- Q3Which of the following results in a 'Deferred Tax Liability'?