A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On
1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:

When developing local Generally Accepted Accounting Principles (known as local GAAP) some countries start with International Financial Reporting Standards (IFRSs) which are then amended to reflect local needs and conditions.
This type of approach is classified as:

To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated.
Which THREE of the following are identified in the Code as threats?

GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June
20X3 is $876,000.
There was an over provision of $105,000 that related to the tax charge on the profits for the year ending
30 June 20X2.
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
Give your answer to the nearest $.

Which of the following is NOT an appropriate description of the meaning of the term incidence of tax?