41 paragraphs found in INT 1003
Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors Accounting Standard AASB 112 Income Taxes …
Australian Petroleum Resource Rent Tax (Australian PRRT) is imposed by the Petroleum Resource Rent Tax Act 1987 at a rate of 40% on the ‘taxable profit’ of a petroleum project. The calculation of taxable profit is prescribed by the Petroleum Resource …
AASB 112 Income Taxes deals with accounting for income taxes. AASB 112 provides only limited guidance on what is considered to be an income tax, and divergent interpretations as to whether or not Australian PRRT is an income tax have emerged among …
In 2005, an Australian constituent requested that the International Financial Reporting Interpretations Committee (IFRIC) clarify the scope of application of IAS 12 Income Taxes ( AASB 112 is the corresponding Australian Accounting Standard), and …
In March 2006, the IFRIC decided not to take a project onto its agenda that would clarify which taxes are within the scope of IAS 12. In its published reasons for not addressing the request for interpretation, the IFRIC explained that its decision was …
The general observations made by the IFRIC on the scope of IAS 12 have not curtailed the diversity in practice that has emerged in accounting for Australian PRRT. Some of the different views include accounting for Australian PRRT as: (a) a …
Concern has been expressed that, in the absence of authoritative guidance, these diverse accounting practices in accounting for Australian PRRT under Australian Accounting Standards will continue. This is considered to undermine the relevance and …
This Interpretation addresses only the question of whether Australian PRRT falls within the scope of AASB 112 Income Taxes . …