Hi,
I am working for a Us Client which has subsidary in Cayman, Australia and New Zealand, i recently came across the transaction which does not seems to me right, The transaction is we receives interest on Bank deposit and 25% withholding tax deducted on it, As per my understanding the accounting should be Recognize intrest income by full amount and show WT as receivable in books and claim the tax paid/withheld while paying the final income tax, But we are not following like this, we are booking interest income as Income- WT, Could somebody please help me in this regards if possible plz suggest some reference material to read in IFRS.
CAclubindia
