IAS12_06 - IAS 12 International Accounting Standard 12...

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IAS 12 © IASCF 849 International Accounting Standard 12 Income Taxes This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005. The following Interpretations relate to IAS 12: •S I C - 2 1 Income Taxes – Recovery of Revalued Non-Depreciable Assets ; and I C - 2 5 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders .
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IAS 12 850 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN14 INTERNATIONAL ACCOUNTING STANDARD 12 INCOME TAXES OBJECTIVE SCOPE 1–4 DEFINITIONS 5–11 Tax base 7–11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12–14 RECOGNITION OF DEFERRED TAX LIABILITIES AND DEFERRED TAX ASSETS 15–45 Taxable temporary differences 15–23 Business combinations 19 Assets carried at fair value 20 Goodwill 21–21B Initial recognition of an asset or liability 22–23 Deductible temporary differences 24–33 Initial recognition of an asset or liability 33 Unused tax losses and unused tax credits 34–36 Re-assessment of unrecognised deferred tax assets 37 Investments in subsidiaries, branches and associates and interests in joint ventures 38–45 MEASUREMENT 46–56 RECOGNITION OF CURRENT AND DEFERRED TAX 57–68C Income statement 58–60 Items credited or charged directly to equity 61–65A Deferred tax arising from a business combination 66–68 Current and deferred tax arising from share-based payment transactions 68A–68C PRESENTATION 71–78 Tax assets and tax liabilities 71–76 Offset 71–76 Tax expense 77–78 Tax expense (income) related to profit or loss from ordinary activities 77 Exchange differences on deferred foreign tax liabilities or assets 78 DISCLOSURE 79–88 EFFECTIVE DATE 89–91 APPENDICES A Examples of temporary differences B Illustrative computations and presentation
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IAS 12 © IASCF 851 International Accounting Standard 12 Income Taxes (IAS 12) is set out in paragraphs 1-91. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 12 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 12 852 © IASCF Introduction IN1 This Standard (‘IAS 12 (revised)’) replaces IAS 12 Accounting for Taxes on Income (‘the original IAS 12’). IAS 12 (revised) is effective for accounting periods beginning on or after 1 January 1998. The major changes from the original IAS 12 are as follows. IN2 The original IAS 12 required an entity to account for deferred tax using either the deferral method or a liability method which is sometimes known as the income statement liability method. IAS 12 (revised) prohibits the deferral method and requires another liability method which is sometimes known as the balance sheet liability method.
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IAS12_06 - IAS 12 International Accounting Standard 12...

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