Accounting standards approved by the Accounting Standards Review Board (ASRB) hadi a. no legal backing under the Companies Act, and their application was optional b. the force of law under the Companies Act, unless the companies could show that, by complying with any particular standard, the company's financial reports would not show a true and fair view". c. the force of law under the Companies Act, and their application was mandatory at all times, d. no legal backing under the Companies Act, although almost all companies followed their guidance. The entries for income tax for the period are comprised of three components. Which of the following is NOT included in the components? a. Recognition of the movement in deferred tax asset included in the profit or loss for the period. b. Recognition of the current tax liability. c. Recognition of the movement in deferred tax liability included in the profit or loss for the period. d. Recognition of the temporary difference on the purchase of goodwill