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Hi Chris
Could u please detail out examples where such is occcuring, i was aware of leases but that is taken care of.
I heard there is a conflict between ias 12 and ias 37 but dont know how
Kindly help
Additionaly which standards currently hold the concept of prudence in them, i can think of only one IFRS 9 expected credit losses
Another question if the asset is revalued upwards that would give rise to a deffered tax liability. im wondering would that liablity fade away by time as eventually both will be wrriten off under tax and accounting treatment
or the liability would only fade away if we sold an asset .. i was reading an article that focused on selling and hence suggested that would be the sole way for the liability to fade away?
@nikaido said:
Hi ChrisCould u please detail out examples where such is occcuring, i was aware of leases but that is taken care of.
I heard there is a conflict between ias 12 and ias 37 but dont know how
Kindly help
Where what is occurring? You don’t make it clear, sorry.
@nikaido said:
Additionaly which standards currently hold the concept of prudence in them, i can think of only one IFRS 9 expected credit lossesIAS 37 does with regards to only disclosing contingent liabilities and not recognising them. IAS 2 does with regards to valuing inventory at the lower of cost and NRV. IAS 16 does with regards to where we recognise the gain on revaluation.
Thanks
@nikaido said:
Another question if the asset is revalued upwards that would give rise to a deffered tax liability. im wondering would that liablity fade away by time as eventually both will be wrriten off under tax and accounting treatmentor the liability would only fade away if we sold an asset .. i was reading an article that focused on selling and hence suggested that would be the sole way for the liability to fade away?
Yes, in looking at the CV and tax base each year, then the deferred tax amounts would change each year. We don’t need to have sold the asset for the amounts to reduce as the revalued amount is depreciated over its useful life.
Thanks
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