Should preference shares be disclosed as ‘equity’ or as ‘debt’?   Response Click or tap here to enter text.​     b) ‘Income tax shall be paid on taxable income times tax rate. It makes sense to pay income tax for current year,but we should not be asked to account for deferred tax assets and liabilities’. Do you agree with this statement? Discuss your arguments.   Response Click or tap here to enter text.​   c)  The financial reports must provide a true and fair view. Discuss this term ‘true and     fair view’ and give examples how a company can meet this requirement.

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