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Instead, they will report any necessary adjustment as an adjustment to the opening balance of retained earnings for the earliest period presented. 10 letter states, "The proposed FSP provides an elective alternative transition method for determining the opening balance of the We recommend that MRQ revise its reporting in respect of taxpayer's tax accounts summarized on the remittance forms to include: the opening balance in the taxpayer's account, payments received on account, the amount of tax assessed for the period, interest assessed, penalty assessed, and the closing account balance relating to the preceding reporting period on the remittance forms for the current period. |
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