Section 24: Income Taxes
24.1
This section applies to the accounting for income taxes. An entity that pays income tax shall record income tax expense for the income tax payable for the reporting period and for any under- or over-estimate of income tax assessed in respect of one or more prior periods. The amount shall be based on the following sources in descending order:
(a) the tax assessment for the period;
(b) the tax return for the period; and
(c) an estimate of the amounts to be included in the tax return for the period.
24.2
The liability for income tax payable at the reporting date shall be measured as the estimated amount of income tax that remains unpaid at the end of the reporting period.