Accounting Standards 1-29 - Seth & Associates

(Rupees in thousands)
20x1 20x2 20x3
Profit (loss) (100) 50 60
Less: Current tax --- --- (4)
Deferred tax:
Tax effect of timing differences originating during the year 40
Tax effect of timing differences reversing during the year --- (20) (20)
Profit (loss) after tax effect (60) 30 36
1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which
accounting standards are intended to apply only to material items.
2 This implies that, while discharging their attest function, it will be the duty of the
members of the Institute to examine whether this Accounting Standard is complied with in
the presentation of financial statements covered by their audit. In the event of any
deviation from this Accounting Standard, it will be their duty to make adequate
disclosures in their audit reports so that the users of financial statements may be aware of
such deviations.