Tax base

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

 

 

 

 

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Tax expense (tax income)

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.

 

 

 

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Taxable profit (tax loss)

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 (recoverable).

 

 

 

 

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Taxable temporary differences

Temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.

 

 

 

 

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Temporary differences

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:

  1. taxable temporary differences, which are temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled; or
  2. deductible temporary differences, which are temporary differences that will result in amounts that are deductible in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.

 

 

 

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Termination benefits

Termination benefits are employee benefits provided in exchange for the termination of an employee’s employment as a result of either:

  1. an entity’s decision to terminate an employee’s employment before the normal retirement date; or
  2. an employee’s decision to accept an offer of benefits in exchange for the termination of employment.

 

 

 

 

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Total comprehensive income

Total comprehensive income is the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

 

 

 

 

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Transaction costs

Transaction costs (financial instruments) – Incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability (see paragraph B5.4.8). An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. (IFRS 9 Definition)

Transaction costs – The costs to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability that are directly attributable to the disposal of the asset or the transfer of the liability and meet both of the following criteria:

  1. They result directly from and are essential to that transaction.
  2. They would not have been incurred by
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Transaction price

Transaction price (for a contract with a customer) – The amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

 

 

 

 

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Transport costs

The costs that would be incurred to transport an asset from its current location to its principal (or most advantageous) market.

 

 

 

 

 

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