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IAS 12 – Threshold of recognition of an asset on uncertain tax position

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IAS 12 — Income Taxes
IAS 12 implements a so-called 'comprehensive balance sheet method' of accounting for income taxes, which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried forward tax losses and credits, are recognised, with limited exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a 'probable profits' test. IAS 12 was reissued in October 1996 and is applicable to annual periods beginning on or after 1 January 1998.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.