Search Definitions

Accounting profit is profit or loss for a period before deducting tax expense. …

Taxable profit (tax loss) is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable …

Tax expense (tax income) is the aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax …

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period. …

Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. …

Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax …

Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base. Temporary differences may be either: (a) taxable temporary differences , which are temporary differences …

The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. …

Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). …

The following terms are used in this Standard with the meanings specified: …