Deferred Tax Silvia IFRSBox
March 29, 2017 | Author: teddy matendawafa | Category: N/A
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Deferred Tax: The Only Way to Learn It Post edi n: I FRSAc c o u nt i n g Post edby: Si l v i aM. 32
Def er r edt axi snei t herdef er r ed,nort ax :i ti san ac c ount i ngmeas ur e,mor es pec i fi c al l yanac c r ual f ort ax . I ’ mv er ypr oudt opubl i s ht hefi r s tgues tpos tev eri nt hi swebs i t e,wr i t t enby Pr of essorRobi n Joyc eFCCA whowi l l e xpl ai ny ou,i nadet ai l ,ho wt ounder s t anddef er r edt ax at i onandhowt o t ac k l ei ti nal ogi c al wa y . Thi sar t i c l er efl ec t st heopi ni onsande xpl anat i onsofRobi nandImus ts a yhi sappr oac hi sv er y f r e sha ndma y beab i tu nc on v en t i o na l .He r e ’ swh ath eh ast os a ya bo utd ef e r r e dt a x: Kno wl e dg eo fa c cr u al sa ndt a xar ene ed edf o rt i mi ngdi ff er e nc es( t hema ma i nc ompo nen t ) .T ax l os sesandt axcr edi t swi l l bedi s cus sedl at er .
Note to accountants, auditors, bank examiners and supervisors Fai l ur et oac cr uef ort axf al s el yi nfl at espr ofi t s ,equi t yand( f orbank s)pr udent i al c api t al by i nc l udi ngpr et axpr ofi t s ,i ns t eadofpos t t axpr ofi t s . Th i sc ani n fla t eea r n i n gspe rs har ei nap ubl i cc omp an y . Ear ni ngspers har e( ‘ EPS’ )i sak eys t oc kma mar k eti ndi c at orwhi c hf eedsi nt ot hePr i c eEar ni ngs r at i o.ThePr i c eEar ni ngs( ‘ PE’ )r at i odi r ec t l yi mpac t ss t oc ksmar k etv al uat i ons . Wher et hi sar i s es ,t heEar ni n gsf ort heEPSandPEc oul dbedr amat i c al l ymi mi s l e adi ng,l eadi ngt o unj us t i fi ab l es t oc kma mar k e tv al uat i onsand/ orune ar nede x ec ut i v ebonus esbei ngpai d.
asics of !ccrual !ccountin" #some may surprise you$ 1 .
Ac c r u al a c c ou nt i n gi sa ne c on omi cp r e s en t a t i o no ffi n an c i a ls t a t e me nt s . Theac cr ua lpr e se nt a t i on nor mal l ydi ffer sf r om apr esent at i onbasedoncash or efl ec tt bet weencashflowsandeconomi cev ent s. account i ng,t i mi ngdi ffe r e nc es
2 .
St a nd ar d s( I FRS,Na t i o na lSt a nd ar d s ,Ce nt r a lBa nkRe gu l a t i o ns )c a no nl yd ot wot h i n gs :
o
The yc anmo v epr ofi t( orl os s )f r om per i odt oper i od. Th i si swh ath ap pen swh enca shac c ou nt sar et r an sf o r me dt oa cc r u al a c cou nt s ,i n t r ans f or mat i onsf r om nat i onal ac count st oI FRSandi ncons ol i dat i ons .St andar ds ca nne i t he rc r e at e ,nord es t r oy ,pr ofit ,a st heul t i ma t epr ofit( orl oss )wi l lbe measur edi nacashi ncr ease,ordecr ease.
o
St andar dspr o vi der ul esonf or matofpr es ent at i on.
Lear ndef er r edt axandmanyot herI FRSt opi csi nourvi deos! Ha v ey o ua l r e ad y c h ec k e do utt h eI FRSKi t ?I t ’ saf ul l I FRSl ear ni ngpac kagewi t hmor et han80pr i v at ev i deo t ut or i a l s ,mo r et ha n1 00I FRSc as es t ud i e ss ol v e di nEx c e l ,mor et h an1 50p ag esof ha nd ou t san dman ybon us esi n cl u de d.I fy o ut a k ea ct i o nt o da yands ub sc r i b et ot h eI FRS Ki t ,y ou’ l l geti tatdi s c ount !Cl i c kher et oc hec ki tout !
3 .
I fi n c ome ,o re x pe ns e ,i sa c c r u ed( o rr e du c edb ypr e pa y me nt s )i nt h ep er i o d,mo r e( o r l es s )pr ofi t( orl os s )wi l l begener at ed.I ft headdi t i onal pr ofi t( orl os s )wi l l bet ax ed i mmedi at el y ,t het axchar gef ort heper i odwi l l r efl ec tt hi sbyi nc r eas i ng,ordec r eas i ng. I ft headdi t i onal t ax( o rt axcr edi t–t hebenefi tofpa y i ngl es st ax )wi l l begener at edi nal at er per i od,anac cr ual f ort hatt axi sr equi r edi nt hi scur r entper i odt omat c ht heper i odoft he ec onomi cac t i v i t y .
4 .
Re v al u at i on sa r ea c cr u al sofp r o fit s / g ai n sa ndl o s se st h atha v ey e tt ob er ea l i z ed . Th er e sul tma yap pea ri nt h ei n comest a t e me nt ,o rr e ser v e s( v i at heOt h erCo mp r e he ns i v e I nc omes t at ement ) .Ani mpai r menti sanac c r ual f orl os s . Suc hac c r u al sf orpr ofi t sandl os s eswi l l bemat c hedwi t hanac cr ual f ort ax ,unl es st he pr ofi t( orl os s)wi l l nev erbes ubj ec tt ot ax .
5 .
Ac c r u al sa r ec r e at e d,s o me t i me sc ha ng eda ndr e v e r s e d .I n v o i c e san dc h a r g esa r epa i d , notac cr ual s .
Deferred tax % timin" differences
I fani nc omeore xpens e( whi c hc r eat esapr ofi torl os s)i st ax edi nt hes ameper i odt hati t appear si nt hei nc omes t at e ment ,o re qui t y( s uc hasshar ei s s uec os t s )t het a xc har gef ort he y earwi l l r efl ec tt hi sandnof ur t herac t i oni sr equi r ed. I ft hei nc ome,orex pens e,i st ax edwhol l yorpar t i al l yi nanot herper i od,anac cr ual f ort axi s neededi nt hi sper i odt or efl ec tt hi s . Thi si sat i mi ngdi ffe r e nc e,b et we ent heec on omi ce v en tan dt h et a xa t i o n. Def er r edT axar i s esf r om t heanal y s i soft hedi ff er enc esbet weent het ax ab l epr ofi tandt he ac count i ngpr ofi t .Thes edi ffer enc esar i s ef r om t het r eat mentofat r ans ac t i ondi ffer i ngwi t hi nt he fi nanc i al andt ax at i onac c ount s . •
Thedi ff er en ce sc anbec l a ss edasp er ma ne nt ,o rt empo r a r yt i mi ngdi ff er e nc es . Anexampl eofaper manentdi ffer ence i st her ec ei ptofat axf r eego ver nment
o
gr ant ,ors i mi l ari nc ent i v e.Thi si scl ear l ypar t oft heac c ount i ngpr ofi t ,buti twi l l nev er bepar toft het ax abl epr ofi t .Nof i snec es sar yi nf ut ur eper i odsf or ur t he ra cc ount i ng p er ma ne ntd i ff er e nc e s . Anexampl eofat empor ar yt i mi ngdi ffer ence o c c u r swh e nt h et a xan d
o
ac count i ngdepr ec i at i onofanas setdi ffer .Theycanar i s ef r om di ffer i ngus ef ul l i v es , ordi ffer i ngdepr ec i at i onme t hods ,f ore xampl er educ i ngbal anc eands t r ai ghtl i ne. •
I nor de rt onor mal i z et heea r ni ngs ,weneedt onor mal i z et het axc har ge.Thi si sdoneb y addi ngadef er r edt axc har get ot hemai ns t r eam t axc ha r ge.Thedef er r edt axc har gei st he v al ueoft het empor ar yt i mi ngdi ffer enc esatt hec ur r entr at eoft axenac t edf ort hef ut ur e per i ods .
Pe r ma ne ntdi ffe r e nc esar enol onge rr e f e r r e dt oi nI AS12,butha v eb eeni nc l udedher et o c l ar i f ywhenno tt omak eanac cr ual f ort ax( asnof ur t hert axi spa yabl e,norr ec ei v abl e) .
Temporary timin" difference % revenue&revaluation ( De bi t sar es ho wna s+,c r e di t ss ho wna s,t a xi s20 %)
'xample: (evaluation )ain Description
Revaluation gain Tax Net effect on P/L
2XX3
2XX4
-100
0
0
20
-100
20
I nt h i sex ampl e,ourr ev al uat i onma ybef oran ya ss et :I AS40,I AS39,I FRS9 i nt h eI n co me St a t e me nt ,I AS16 o rI AS38i nOt herCompr ehens i v eI nc ome( l o gi ci dent i c al ) . Thegai ni sbook edi n2XX3,butnot axi sl e vi edunt i l t hef ol l owi ngper i od,whent heas se ti ssol d f ori t sr e val uedc ar r y i ngv al ue.
Yes ,asatt heendof2XX3,s har ehol der swi l l be I st he r eapr obl e m wi t ht hi spr e se nt a t i on? pr es ent edwi t ht hef ol l owi ngfi nanc i al s t at ement : Description
2XX3
Revaluation gain
-100
Tax
0
Net effect on P/L
-100
Sha r e hol de r swi l lwa ntadi v i de ndof1 00 . I fpai d,t hent her ewi l l benoc as ht opayt het axbi l l of20t hef ol l owi ngy ear . I npr ac t i c e,ourappar entgai nof100i sonl es ent at i onhasov er s t at edt he y80af t e rt ax.Ourpr pr ofi t . Anac c r ual f ort axi sneededi n2XX3,whi c hwi l l ber e v er s edi n2XX4whent het axi sl e vi ed: Description
2XX3
Revaluation gain
2XX4
-100
0
0
20
-100
20
Tax accrual
20
-20
Net effect on P/L
80
0
Tax Net effect on P/L before tax accrual
Thi si st hef ul l ac cr ual pr es ent at i on.Ther ev al uat i oni sanac cr ual f orpr ofi t / gai n,whi c hi s ma t c he db ya na c cr u al f ort a x. ( Theac c r ual f ort axi swr ongl ycal l ed‘ def er r edt ax ’ .I ti snot :t het axi snex tt ot hel i nel abel edt ax andnot hi ngi sdef er r ed.I ti snott ax :i ti sanac c r ual f ort ax . )
'xample: (evaluation Loss Ar e v al ua t i o nl o s sa nda cc r ue dt a xc r e di twou l dbesh owna s: Description
Revaluation loss
2XX3
2XX4
200
0
0
-40
Net effect on P/L before tax accrual
200
-40
Tax accrual
-40
40
Net effect on P/L
160
0
Tax credit
Timin" difference % expense includin" depreciation Ex pens esgener al l yf ol l owas i mi l art r eat mentt ot her ev al uat i onl os sabo ve,i ft het i mi ng di ff er en cei sbe t we ent woc on se cu t i v ey e ar s .
I nt hec as eofnonc ur r entas se t s( I AS16,38,40) ,i ft heec onomi cl i f eus edi nt hefi nanc i al book s i st hes ameast hel i f eus edf ort axpur pos es ,depr ec i at i on/ amor t i z at i oni sc har gedeac hy earand f ul l yal l owedf ort ax :t her ei snot i mi ngdi ffer enc eandnoac cr ual f ort ax . Cor r ec tappl i c at i onofI AS16,38,40( and17)r equi r est heec onomi cl i f et obeus ed,e veni fi t di ffer sf r om t hel i f eus edbyt axaut hor i t i es . Wher ei tdi ffer s ,ac cr ual sf ort ax( debi t sorc r edi t s )a r er e qui r ed.Theyar er equi r edf or pr es ent at i onpur pos es( t hati swhatac c r ual ac c ount i ngi s )butdono tc hangean yt axbenefi t ,as t he yar eno tt axc omponent s ,onl yac c r ual s . Af t erbei ngc r eat ed,t he yma yc hangef r om per i odt oper i od.Ondi s pos al ore xpi r yoft heas s et , an yr emai ni ngac cr ual wi l l ber ev er s ed.
'xample: Non*+urrent !sset Balance !eet
"ear 0
Cost
"ear 1
"ear 2
"ear 3
"ear 4
3 000
Depreciation
-1 000
-1 000
-1 000
Web uyanAut omat i cTel l e rMa ch i n e( ‘ ATM’ ,‘ b an k omat ’ )f orou rb an k. Thec os ti s3000.I ti sex pec t edt ol as tonl y3y ear sasi twi l l beus edi nabus yc i t ycent er .We depr ec i at et hec os to v er3y ear s . Thet axbenefi t( ‘ t axdepr ec i at i on’ )wi l l onl ybegi v enov er4y ear si nt hi sex ampl e,ast her ei sone ‘ t axl i f e’ f oral l oft hec ount r y ’ sATM’ s . Thi sc r eat esat i mi ngdi ff er enc ebe t weent hecommer c i a ldepr ec i at i on( 3y ear s )an dt het ax depr ec i at i on( 4y ear s ) . Wer ec or dt het axdepr ec i at i onoff bal anc es hee t : #ff-Balance !eet
Tax
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
-3 000
Tax depreciation Tax base
-3 000
-750
-750
-750
-750
-2 250
-1 500
-750
0
( Thi si dent i fi es‘ t a xb as e’ ass omepeopl eus et hi si ns uc hc al c ul a t i on s.Wedono tus ei ther e . ) Th et a xr a t ei s20 %i no ure x amp l e s,s ot h et a xb en efi twi l l beat o t a lo f30 00*2 0% =6 00 . Thi swi l l bes pr ea do v ery e ar s14:abenefi tof150eac hy ear . Ouri nc omes t at ement s( e xt r ac t )wi l l appearas : $nco%e tate%ent
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
Depreciation Tax at 20% Net effect on P/L
1 000
1 000
1 000
-150
-150
-150
-150
8&0
8&0
8&0
-1&0
I st her eapr obl em? Yes :no tonl ydoesy ear4sho w at axc r edi twi t houtad epr ec i at i one xpens e,buty ear s13sh ow ane ffe ct i v et a xr a t eo f1 5% ( 15 0/ 1 00 0)r at h ert h an2 0%. T oi mp r o v et hee co nomi cpr e sen t a t i o n( t h ep ur p os eo fa cc r u al a cc ou nt i ng ) ,wen ee dt oc r e a t ea i ny ear1,c hangei ti ny ear s2and3andr e ver s ei ti ny ear4: t a xac cr ua l $nco%e tate%ent
"ear 0
Depreciation
"ear 1
"ear 2
"ear 3
"ear 4
1 000
1 000
1 000
-150
-150
-150
-150
Net effect on P/L before tax accrual
8&0
8&0
8&0
-1&0
Tax accrual
-50
-50
-50
150
Net effect on P/L
800
800
800
0
Tax at 20%
Youc al c ul at et heex pec t edr es ul t( 800)fi r s t ,t henc al c ul at et hedi ffer enc ef ort het axac cr ual ( 5 0 ) . Thes i gnmus tbecor r e ctf ort het a xa cc r ua l . Th et a xa c c r u al i mp r o v e st h ee c on omi cpr e s en t a t i o n,b uth asnoi mp ac twh at s o ev e ro nwh ent h e t axi sc r edi t ed. Th ebo ok k e epi n go ft h et a xa c cr u al i nt h eb al a nc es hee ti st h es amea mou nt ,bu top po si t es i g n: Balance !eet
"ear 0
Tax accrual
"ear 1
50
"ear 2
"ear 3
50
50
"ear 4
-150
Th ec umu l a t i v en umb er si nt heba l an ces he et( a st h i sy ea r ’ snumb eri sad de dt ot h ea mo untf r o m l as ty ear )ar e: Balance !eet
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
Tax accrual
50
50
50
-150
Tax accrual cuulative
50
100
150
0
Thefi nal ques t i oni swhet hert het axac cr ual ( c umul at i v e)i sa de f e r r e dt a xa ss etorade f e r r e d v eus eddebi t sandc r edi t sac c ur at el y . Weha v eadebi tv al ue.Adebi tv al uei n t a xl i abi l i t y.Weha t heb al a nc es hee ti sanas s et .
+ontrol number to eliminate error I ft hec umul at i v efi gur ei nt hefi nal y ear( y ear4i nt hi sex ampl e)i szer o( 0) ,t hent hec al c ul at i ons ar ec or r ec t ,i ft hes i gnoft het axac cr ual i nt hei nc omes t at ementi scor r ec t .
+han"es in tax rates
I ft henat i onal t axr at ec hanges ,t het axfigur esandt het axac cr ual fi gur esf ort her el ev antf ut ur e per i odswi l l beupdat ed.
'xample: Non*+urrent !sset WebuyanAut omat i cT el l erMa chi ne( ‘ ATM’ ,bank omat )f orourbank .Thec os ti s1000.I ti s e xpec t edt ol as t5y ear sasi twi l l beus edi naqui e tv i l l age.Wedepr ec i at et hec os to ver5y ear s . Balance !eet
Cost
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
"ear &
1 000
Depreciation
-200
-200
-200
-200
-200
Thet axbenefi t( ‘ t axdepr ec i at i on’ )wi l l begi v enov er4y ear si nt hi sex ampl e,ast her ei sone‘ t ax l i f e’ f oral l oft hec ount r y ’ sATM’ s . Thi scr eat esat i mi ngdi ff er enc ebe t weent hefi nanc i al depr ec i at i on( 5y e ar s )andt het ax depr ec i at i on( 4y ear s ) . Wer ec or dt het axdepr ec i at i onoff bal anc es hee t : #ff-Balance !eet
Tax
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
"ear &
-1 000
Tax depreciation Tax base
-1 000
-250
-250
-250
-250
0
-750
-500
-250
0
0
Th et a xr a t ei s20 %i no ure x amp l e s,s ot h et a xb en efi twi l l beat o t a lo f10 00*20 % =2 00 .Th i s wi l l bes pr eado v ery e ar s14:abenefi tof50eac hy ear . Ouri nc omes t at ement s( e xt r ac t )wi l l appearas : $nco%e tate%ent
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
"ear &
Depreciation
200
200
200
200
200
Tax at 20%
-50
-50
-50
-50
0
Net effect on P/L
1&0
1&0
1&0
1&0
200
I st her eapr obl em? Ye s:no to nl ydo esy ea r5s ho wn ot a xc r e di t ,bu ty e ar s14s ho wa ne ffe ct i v et a xr a t eo f2 5% ( 5 0/ 20 0)r a t h ert h an2 0%. T oi mpr o v et heec onomi cpr es ent at i on( t hepur pos eofac c r ual ac c ount i ng) ,weneedt ocr eat ea t axac cr ual i ny ear1,c hangei ti ny ear s2,3and4, t henr ev er s ei ti ny ear5: $nco%e tate%ent
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
"ear &
Depreciation
200
200
200
200
200
Tax at 20%
-50
-50
-50
-50
0
Net effect on P/L before
1&0
1&0
1&0
1&0
200
tax accrual
Tax accrual Net effect on P/L
10
10
10
10
-40
160
160
160
160
160
Youc al c ul at et heex pec t edr es ul t( 160)fi r s t ,t henc al c ul at et hedi ffer enc ef ort het axac cr ual ( 1 0 ) . Thesi gnmus tbecor r e ctf ort het a xa cc r ua l . Th et a xa c c r u al i mp r o v e st h ee c on omi cpr e s en t a t i o n,b uth asnoi mp ac twh at s o ev e ro nwh ent h e t axi sc r edi t ed. Th ebo ok k e epi n go ft h et a xa c cr u al i nt h eb al a nc es hee ti st h es amea mou nt ,bu top po si t es i g n: Balance !eet
"ear 0
"ear 1
Tax accrual
-10
"ear 2
-10
"ear 3
"ear 4
-10
"ear &
-10
40
Th ec umu l a t i v en umb er si nt heba l an ces he et( a st h i sy ea r ’ snumb eri sad de dt ot h ea mo untf r o m l as ty ear )ar e: Balance !eet
"ear 0
"ear 1
"ear 2
"ear 3
"ear 4
"ear &
Tax accrual
-10
-10
-10
-10
40
Tax accrual cuulative
-10
-20
-30
-40
0
Thefi nal ques t i oni swhet hert het axac cr ual ( c umul at i v e)i sadef er r edt axas set ,oradef er r ed t axl i abi l i t y . Weha v eus eddebi t sandc r edi t sac c ur at el y . Weha v eac r edi tv al ue.Ac r edi tv al uei nt heb al an ce s hee ti sal i abi l i t y . Th emo de lh ast h ep as t ,p r e s en ta ndf u t u r ei n c omes t a t e me nta ndba l a nc es he etn umb er sa nda c ont r ol numbert oens ur eac cur ac y .I ti saper f ec tr ec or dt ous eandaudi t . Lear ndef er r edt axandmanyot herI FRSt opi csi nourvi deos! Ha v ey o ua l r e ad yc he c k e do u t t h eI FRSKi t ?I t ’ saf ul l I FRSl ear ni ngpac kagewi t hmor et han70pr i v at ev i deot ut or i al s ,mor e t h an10 0I FRSc a s es t u di e ss ol v e di nEx c e l ,mo r et h an1 20p ag eso fh an do ut san dma n y bonus esi nc l uded.I fy out ak eac t i ont odayands ubs cr i bet ot heI FRSKi t ,y ou’ l l geti tat di s count !Cl i c kher et oc hec ki tout ! Th emo de lc anbeu se df o rr e v en uea ndc os t s ,i ft hed eb i t san dc r ed i t sar ea cc ur a t e .Themo de l c anber educ edi ns i z ef oran yac c r ual us edf oronl y2y ear st oones i mi l art ot hatus edabo v ef or r e v e n u e .
Tax losses and tax credits I nt hebuc k etmar k ed‘ def er r edt ax ’ar et i mi ngdi ffer enc es ,t axl os sesandt axc r edi t s .
I nmos tc ount r i es ,i fy oumadeal os sl as ty ear ,y ouc anpa yl es st axt hi sy earony ourpr ofi t s . Si mi l ar l y , at axcr edi t( t opa yl es st ax )ma ybegi v enb yt hego ver nmentasani nc ent i v e,r at her t h anac a shgr a nt . Bo t ht axl os sesandt axcr edi t sar ec omponent soft ax .The ywi l l r educ ey ourt axbi l l . Ti mi ngdi ffer enc esar eac cr ual sf ort ax .I nc ont r as t ,t heywi l l nothav eanyi mpac tony ourt axbi l l wh at s oe v er .Th eyar eno tt a x.Th eyar ea c cr u al sf o rt a x.Byt h r o wi n gt h em i nt hes amebu ck e ta s t axl os sesandt axcr edi t sandc al l i ngt hem ‘ def er r edt ax ’ ,c onf us i oni sal l owedt or ei gn.
Tax kno.led"e re/uired I ft her ei sanac c r u al ,orr e val uat i on,whi c hi nc r eas es( ordec r eas es )p r ofi t ,buthasnoi mpac ton t hec ur r entper i od’ st axbi l l ,y ouneedt oas ses swhet hert her ewi l l beat axchar ge( orc r edi t ) whent hepr ofi t( orl os s)i sr eal i z ed.I fs o,anac cr ual f ort axi sneeded. I fi ndoubt ,ac cr uet het ax . Youneedt oi dent i f yi ft her ear et i mi ngdi ffer enc esf ornonc ur r entas set s . I fy o umo v ep r o fitf r o mo nep er i o dt oa no t h er ,a cc r u et h et a xs ot ha tamo v eme nto fp r o fito f1 00 hasaneti mpac tof80,af t ert heac cr ual f ort axat20%.( Adj us tt henumbert oy ourt axr at e,i f di ffer ent . )
+onclusion Ti mi ngdi ff er enc esar et hemos tc ommonpar tofwhati sc al l ed‘ def er r edt ax ’ .I fy ouc anac c r ue f ort ax ,i nt hes amewa yt haty oumak eo t herac c r u al s ,t hej o bwi l l b edone. Youdono tneedt ous e‘ t axbas e’ ,orwor r ywhe t heri ti sbas edont he‘ bal anc es hee t ’ or‘ i nc ome s t at emen t ’ me t h od s.J us tma k et h et a xa cc r u al s . Def er r edt axi snei t herdef er r ed,nort ax :i ti sanac c r u al f ort ax .
!ckno.led"ement: Iwoul dl i k et oe xpr es smyt hank st oSi l v i aMahut o vaFCCAf orhos t i ngt hi sar t i c l e.
!bout the !uthor Pr o f e s s orRo bi nJ o y c er u nsI FRSc o ur s e si nRu s s i a na ndEn gl i s hi nMo s c owa tt h eAs s o c i a t i o n o fRu ss i anBa nk s .Hei st h ewr i t e ro ft h el e ge nd ar yEUT ac i sI FRSwor k boo k s.Th e2 01 4e di t i o n i sf r eet odownl oadHERE.
Th er ear e4z i pfi l e st odo wn l o adandea chbo okc on t a i n st e x t ,e x amp l e s,qu es t i on san da ns wer s . Book k eepi ngi si nc l uded,es pec i al l yf orfi nanc i al i ns t r ument s .Ov eronemi l l i onc opi esoft he7 ed i t i o ns( 2 003t op r e sen t )ha v eb ee ndo wn l o ad edi nmo r et ha n5 0c ou nt r i e s.Ru s si a nc op i e sa r e a vai l abl e,t oo.Or i gi nal l y , t he ywer epr oduc edi nEUpr oj ec t swi t ht heMi ni s t r yofFi nanc eand Ba nko fRu s s i a . Weh op et h aty o ue nj o yt heb oo ksan dr eq ue stt ha ty o ut e l l y o urf r i e nd sa ndc ol l e agu eswhe r et o downl oadt hem.
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