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Conceptual F/W VS IAS 12

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Conceptual F/W VS IAS 12

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • June 7, 2021 at 5:30 am #623554
    tinkle
    Member
    • Topics: 50
    • Replies: 43
    • ☆☆

    Hello Sir,

    I hope you’re well.

    I’m confused about the consistency between conceptual framework and IAS 12 recognition criteria. The kit says that, ‘Conceptual F/W states when probability of inflow/out flow is low disclose in notes however IAS 12 requires Deferred Tax to be recognized even if possibility is low’

    While reading the study text I didn’t come across this inconsistency, as the revised conceptual framework doesn’t talk about the probability but the potential to produce economic benefits.

    Kindly shed some light on this one.

    June 7, 2021 at 5:38 am #623557
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2842
    • ☆☆☆☆☆

    You make a fair point. IAS 12 requires us to recognise DT on a revaluation even if we have no intention of ever selling the asset. I cannot see how that is relevant to users.

    As always, IAS 12 takes precedence over Framework.

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