DEFERRED TAX RULES (IAS 12)

There is this rule in IAS 12 saying:

“Recognise liabilities for all taxable temporary differences, except to the extent it arises
from:
(1) Initial recognition of goodwill…

What does the above rule mean?

There is a June 2012 Question 3 (a), an extract follows:

“In Ethan’s consolidated financial statements, investment properties acquired through business combinations are recognized at fair value, using a discounted cash flow model as approximation to fair value. There is currently an active market for this type of property. The difference between the fair value of the investment property as determined under the accounting policy, and the value of the investment property for tax purposes results in a deferred tax liability. ”

So according to the above rule we shouldn’t show a deferred tax liability but then why in the answer to the above they don’t bring out this point and instead say that the deferred tax liability arising on the investment property (through the business combination) is okay?

Thanks,

Gabriel.