Deferred Tax Basics I IAS 12 I Diploma In Ifrs I IAS12 DEFEERED TAX

Описание: If you're looking for a basic overview of IAS 12 (Income Taxes) and the concept of Deferred Tax on YouTube, there are many videos that can help clarify the fundamental principles. Below is a breakdown of key concepts related to Deferred Tax under IAS 12, which can guide you in understanding the topic and searching for relevant content.

Key Concepts of IAS 12 - Income Taxes and Deferred Tax:
Income Taxes:

IAS 12 deals with the accounting for income taxes, which includes current tax and deferred tax.
Current tax is the amount of income tax payable or recoverable for the current period, based on the taxable income.
Deferred tax arises due to temporary differences between the accounting treatment and tax treatment of certain items.
Deferred Tax:

Deferred tax refers to the tax effects of temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.
Temporary differences can be:
Taxable temporary differences: lead to a future taxable amount (e.g., revenue is recognized earlier for accounting purposes than for tax purposes).
Deductible temporary differences: lead to a future deductible amount (e.g., expenses are recognized earlier for tax purposes than for accounting purposes).
Deferred Tax Liability (DTL):

This occurs when the carrying amount of an asset exceeds its tax base.
It represents taxes payable in the future when the asset is recovered.
Deferred Tax Asset (DTA):

This arises when the tax base of an asset exceeds its carrying amount, or when there are deductible temporary differences that will reduce future tax payments.
A DTA can be recognized if it’s probable that future taxable profits will be available against which the asset can be utilized.
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