IMPACT OF THE DIFFERENCE BETWEEN BUSINESS AND TAX PROFIT ON THE QUALITY OF FINANCIAL STATEMENTS

Univerzitet u Banjoj Luci, Ekonomski fakultet, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina

Ekonomska škola Banja Luka, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina

Ekonomska škola Banja Luka, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina


Abstract

Operating profits are usually called the newly created value during the performance of certain business activities. If these activities are performed by profit legal entities, part of the newly created value, ie gross financial result, is to be allocated in favor of the budget, based on the legal obligation to pay income tax. Like everyone else, tax expense reduces the taxpayer's gross financial result in the accounting period, but its amount is usually different from the amount that could be obtained by applying the prescribed tax rate to the gross financial result. In accordance with the applicable accounting regulations, tax differences may have the character of final and temporary, and the taxpayer is expected to present the effects of both of them in an adequate manner in his financial report. Depending on the characteristics of the tax system, balancing the effects of tax differences, especially temporary ones, sometimes represents a very complex process, which can lead to vague or wrong presentation of the financial and yield position of the taxpayer. This paper deals with issues of importance for assessing the impact of tax differences on the quality of financial statements.

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References


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