Revaluation of non-current asset doesn’t impact the recognition of future tax associated with…

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1) “Revaluation of non-current asset doesn’t impact the recognition of future tax associated with that asset”. Evaluate this statement. (4 marks)

2) Discuss whether revaluation of non-current asset will lead to a deferred tax asset or a tax liability. (2 marks)

3) In your opinion, comment whether the deferred tax asset and deferred tax liability meet the definition and recognition for an asset and a liability according to the Conceptual Framework for Financial Reporting. (4 marks)

Part B (7 marks)

4) Provide and comment on an example (other than revaluation of non-current assets) that leads to a deferred tax asset in the chosen company. Evaluate its impact on financial position from the perspective of investors. (3 marks)

5) Provide and comment on an example (other than revaluation of non-current assets) that leads to a deferred tax liability in the chosen company. Evaluate its impact on financial position from the perspective of investors. (3 marks)

6) In your opinion, are there any deferred tax asset or deferred tax liability that are not recognised in the annual report of the chosen company? (2 marks)

2 marks will be awarded to effective communication and presentation of this report.

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