One of your clients is uncertain about taxation and post balance sheet evens. Assist your client by doing the following:

1. Distinguish between permanent differences and timing differences in relation to deferred taxation.
2. As it relates to deferred taxation, identify two items that would result in permanent differences. (2 marks)
3. As it relates to deferred taxation, identity two items that will result in temporary (timing) differences.
4. Explain how probable, possible and remote material contingent losses and gains should be treated. (3 marks)
5. In the event that contingences are required to be disclosed, identify three details that must be stated by way of notes. (3 marks)
6. With the use of an example, briefly explain the concept of non-adjusting events. (3 marks)
7. With the use of an example, briefly explain the concept of adjusting events. (3 marks)