According to IAS 12, current tax for current and prior periods shall, to the extent unpaid, be recognised as a:
A) Note to the financial statements;
B) Contingent liability;
C) Liability;
D) Expense.

Question

Quizplus · Accepted Answer

Current tax for current and prior periods, to the extent that it is unpaid, is recognized as a liability according to IAS 12. This is because it represents an obligation to pay taxes to the tax authorities.

According to IAS 12, Current Tax for Current and Prior