PBT is loss and PAT is gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2010
Hi,
Here is a peculiar case, we have PBT as loss but on account of Defered tax credit we have PAT a profit, here my query is whether the auditor has to mention in the audit report in opinion para as loss for the year or profit for the year.
Here is a peculiar case, we have PBT as loss but on account of Defered tax credit we have PAT a profit, here my query is whether the auditor has to mention in the audit report in opinion para as loss for the year or profit for the year.
26 May 2010
Its not required for the auditor to mention that in the audit report. Actually speaking, the auditor wont comment whether the company has made any profit or loss during the period. He will comment that profit and loss account has been prepared as per GAAP.
Further, u need to check out if the company is making losses (assuming in previous years also) then how can we recognise deferred tax asset since there is no reasonable certainity for its realisation. kindly check this point also.
Further, u need to check out if the company is making losses (assuming in previous years also) then how can we recognise deferred tax asset since there is no reasonable certainity for its realisation. kindly check this point also.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Taxation on LTCG for property sold after 24JUL2024
- GST ON DAMAGED GOODS
- GST Registration Horse racing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
