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Walnut Limited has a new and inexperienced financial accountant who insists that an estimate of current income corporate tax should not be processed in its financial statements for the year ended 31 December 2017. His reasoning is that the official 2017 tax assessment has not yet arrived and he believes that it is only once this official assessment has been received that the amount will be known and a liability can be recognised.
Current income tax has not yet been processed in Walnut Limited's current 2017 financial statements. The auditors are therefore requesting that Walnut Limited include the following in the 2017 financial statements:
Required:
Question 1: Explain by a way of a discussion of the relevant definitions and recognition criteria whether or not a liability and expense should be recognised.
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