Newsletter on IASB Exposure Draft on Deferred Tax

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01 Oct 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter – IASB issues Exposure Draft on Deferred Tax: Recovery of Underlying Assets.

This newsletter describes the recent IASB proposal to amend IAS 12 Income Taxes. The exposure draft was developed in response to concerns in certain jurisdictions where application of this principle can be difficult or subjective. The exposure draft proposes an exception to IAS 12, which would require the measurement of deferred tax assets and deferred tax liabilities arising from certain assets on the presumption that the carrying amount of the asset will be recovered entirely through sale. The exception would apply to assets measured using the fair value model under IAS 40 or the revaluation model under IAS 16 and IAS 38.

Comments are due by 9 November 2010.

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