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International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards by Ernst & Young

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Chapter 31

Income taxes

1 Introduction

1.1 The nature of taxation

1.2 Allocation between periods

1.2.1 No provision for deferred tax (‘flow through’)

1.2.2 Provision for deferred tax (the temporary difference approach)

1.3 The development of IAS 12

1.3.1 References to income taxes in standards other than IAS 12

2 Objective and Scope of IAS 12

2.1 Objective

2.2 Overview

3 Definitions

4 Scope

4.1 What is an ‘income tax’≟

4.2 Withholding and similar taxes

4.3 Investment tax credits

4.4 Interest and penalties

4.5 Effectively tax-free entities

5 Current Tax

5.1 Enacted or substantively enacted tax legislation

5.1.1 Meaning of substantive enactment in various jurisdictions

5.2 Uncertain tax positions

5.3 Intra-period allocation, presentation and disclosure

6 Deferred Tax – Tax Bases and Temporary Differences

6.1 Tax base

6.1.1 Tax base of assets

6.1.2 Tax base of liabilities

6.1.3 Assets and liabilities whose tax base is not immediately apparent

6.1.4 Tax base of items not recognised as assets or liabilities in financial statements

6.1.5 Equity items with a tax base

6.1.6 Items with more than one tax base

6.2 Examples of temporary differences

6.2.1 Taxable temporary differences

6.2.1.A Transactions that affect profit or loss

6.2.1.B Transactions that affect the balance sheet

6.2.1.C Revaluations

6.2.1.D Tax re-basing

6.2.1.E Business combinations and consolidation

6.2.1.F Foreign currency differences

6.2.1.G Hyperinflation

6.2.2 Deductible temporary differences

6.2.2.A Transactions ...

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