Information on an entity’s accounts is shown below:

Current tax payable, beg.

150,000
Current tax payable, end.
400,000
Increase in deferred tax liability
60,000
Increase in deferred tax asset
20,000
Income tax paid
280,000
How much is the income tax expense for the period?
a. 530,000 b. 540,000 c. 570,000 d. 610,000

Relationships between a parent and its subsidiaries

a. shall be disclosed by an SME irrespective of whether there have been related
party transactions.
b. shall be disclosed by an SME only if there have been related party transactions.
c. is not disclosed by an SME because an SME cannot be a parent. If the SME is a
subsidiary, it is required to use the full PFRSs as these are the required
standards for use by the SME’s parent.
d. a or b as a matter of accounting policy choice.

For an SME, changes in the fair value less costs to sell of biological assets are
a. recognized in profit or loss
b. recognized in other comprehensive income
c. not recognized
d. a or b