**The short explanation**

In Boardeaser, Adjusted Equity is calculated by summing Equity (account 2000-2099) and Total untaxed reserves (account 2100-2199) with the accumulated profit during the year (account 3000-8999). Finally, 22% tax is deducted on the sum of untaxed reserves and the accumulated result if the sum of these gives a positive value (ie is to be taxed).

**The long explanation**

Adjusted Equity in Boardeaser has the variable B25. The formula for B25 is:

B12 + B13- [8990-8999] - [3000-8899] -B24

B12 is Equity with the formula:

- [2000-2099]

which means closing balance of account 2000 - 2099 as a positive value.

B13 is Total untaxed reserves with the formula:

- [2100-2199]

which means closing balance of account 2100-2199 as a positive value.

- [8990-8999] - [3000-8899] gives the accumulated result of account 3000 - 8999 during the current financial year.

B24 is Deferred tax liability with this formula:

-0.22 * Min (0, -B13 + [3000-8899])

which should be interpreted as minus 0.22 times the minimum value of 0 and the negative value of Total untaxed reserves plus the accumulated result fixed with the inverse sign. Minus 0.22 comes from 22% tax, -B13 is the untaxed reserve as a negative number, and + [3000-8899] is the accumulated result with the reverse sign, ie if the result is positive, + [3000-8899] will give a negative value.

The content of the formula for B24 is that it gives the tax liability as a positive value (if it exists) and therefore it is stated -B24 in the formula for B25 so that any tax liability is deducted from the rest of the summary.