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IAS 12 DEFERRED TAX

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › IAS 12 DEFERRED TAX

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by mrjonbain.
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  • June 9, 2017 at 1:48 pm #392169
    ruksidave
    Member
    • Topics: 3
    • Replies: 3
    • ☆

    Hello Tutor,

    I work with a central bank and I’ve been reading in certain guidance that Revenue results in income tax charge while revaluations result in deferred tax charge.

    However, in my jurisdiction, only capital gains on Property is taxable, on listed securities revaluation gains are exempt.

    Hence this means revaluation of Property requires a deferred tax charge. However, revaluation gain goes to OCI in accordance with IAS 16.

    Hence doesn’t this create a mismatch when the deferred tax expense is recognised in the P/L and the gain being taxed recognised in the OCI?

    June 12, 2017 at 6:58 am #392813
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1572
    • ☆☆☆☆☆

    If you want to ask the tutor something you should ask in the ask the tutor forum.This forum is primarily designed for students to help each other.The following is the link for the ask the tutor forum-
    https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-p2-exams/

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