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Anytime, we're here to help!

Glad to hear it!

I am glad it helped! For interest sake, what qualification are you studying?

Glad it helped!

Glad to hear it!

You are welcome!

It is our pleasure

So glad to hear it! Good luck with your BCTA!

Thank you for your kind words

LOL, I love coffee! I hope standard cost makes a little bit more sense now

So glad it helped :)

Thanks for the compliment. We really appreciate it. We'll be posting more free content in the near future :)

Thank you for the kind words!

​@@TabaldiEducation thank you so much

@@KingFaya-ro5lv you are welcome! :)

Thank you for the kind words, José. Unfortunately, our lecturers have to prioritise our paying students. Try to double check each column individually and then make sure that you add/subtract correctly where applicable. You will find the difference with a methodical approach. Good luck with your studies!

Thank you. That's unfortunate. Hopefully, you'll make a refreshed video on this again. Best regards, José.

Thank you for the kind words!!

Thank you, we are glad it helped

The way you approach MAC is super important. You need to make sure you understand the basic principles of each topic before memorising the formulas. Check out our MAC2601 and MAC2602 courses here: tabaldi.org/product/mac2601/ If you are interested, pop me a mail at info@tabaldi.org and I'll give you a 20% discount code ;)

You are most welcome!

Not yet but it is coming! For now, you'll need to enrol for our full course: tabaldi.org/product/fac1502/

Glad you found it helpful!

isn't there many things has been changed now how could this be helpful can you explain it

Yes, things might have changed, but the concepts are still the same. In terms of what are doing, how are we doing it and why is it being done, then study the latest version to grasp the changes

Exactly as you say,@@bhekaphakathi3509! IAS12 has not changed in the last decade. The principles are still exactly the same. The tax rates have changed.

Glad to hear it!

In this course: tabaldi.org/product/mac2601/ ;)

You are welcome! :)

Our pleasure!

So glad to hear it! We'll be posting a lot more free content on this channel, so stay tuned ;)

This is often used in real life, for example when there is a lawsuit against the company and the outcome will only be known in the future.

Hi Thabang. To recognise the expense, it is debited (see Journal 2 in the video). At the end of the year we close out all income and expense accounts to profit and loss (or retained earnings really). Closing these accounts to the P&L resets their balances to zero for the start of the new accounting period. This is necessary because income and expense accounts are considered temporary or nominal accounts. Resetting ensures that the income and expenses for the new period are recorded accurately, without being mixed with the previous period's figures.

We'll be posting more free videos in future, so please stay tuned. In short, under IFRS, offsetting financial assets and liabilities on the balance sheet is generally not permitted unless there's a legally enforceable right to set off the recognised amounts and an intention to settle on a net basis or simultaneously. This rule ensures transparency and reflects the entity's actual financial position and net exposure.

Hi Jabulile, we have videos covers all the topics of FAC1601. For now, it is only available in our online course here: tabaldi.org/product/fac1601/ Stay tuned to this channel for more free videos in the future. All the best with your studies!

There is a lot more free videos coming!

Hi, do you mind posting the time stamp you heard that term so I can check for you? :)

@@TabaldiEducation its the sub heading for the tax reconciliation note. I just want to understand what we mean by “major components of tax expenses”

@@kaurie1234 The "major components of tax expenses" in the context of a tax reconciliation note typically refers to the detailed breakdown of various types of taxes that a company incurs during a specific period. This can give stakeholders insight into how the company's effective tax rate is derived and the significant factors influencing its tax obligations. Here are some of the components that might be included under this heading: Current Tax Expense (or Benefit): This represents the amount of income taxes payable (or recoverable) to taxation authorities for the current year, based on the taxable income for the period. It's a reflection of the company's earnings that are subject to tax at the statutory rates applicable in the jurisdictions where it operates. Deferred Tax Expense (or Benefit): Deferred tax relates to the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It also includes changes in tax rates or tax laws, the creation and release of valuation allowances against deferred tax assets, and adjustments to tax-exemption levels. Adjustments for Prior Periods: Sometimes, a company may need to adjust its tax expenses for errors or estimations made in previous periods. These adjustments are also included as part of the major components of tax expenses. Changes in Tax Rates or Laws: When tax rates or laws change, the impact on both current and deferred tax expenses is accounted for in this period. This can result in significant adjustments to the company's tax expense. Non-deductible Expenses: These are expenses that cannot be deducted from income for tax purposes. Examples include entertainment expenses beyond a certain limit, fines, and penalties. Tax Credits and Incentives: Governments often offer tax credits and incentives for certain activities, such as research and development, investment in certain assets, or operations in specific regions. The effect of these credits and incentives reduces the total tax expense. Withholding Taxes and Taxes on Dividends: Taxes withheld at source on interest, royalties, dividends, and other income, as well as taxes on dividends paid to shareholders, are also components of the overall tax expense.

@@TabaldiEducation You have NO IDEA HOW MUCH THIS IS GOING TO HELP ME❤️❤️😭😭 thank you so much for taking out the time to write this down in full and explain everything in detail. I am starting to see the bigger picture🥺

I am so glad we could help@@kaurie1234 All the best with your studies!! ;)

Practice is super important... you need to see how the principles are used

It is out pleasure

Thank you, that is true. But in In South Africa the tax rules are a bit more complicated than that and Section 23H of the Income Tax Act may result in a temporary difference.

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