20 (60 - 40), resulting in a deferred tax liability of 4 (20 at 20%).
As a result, if the presumption of recovery through sale is rebutted for the building, the
deferred tax liability relating to the investment property is 22 (18 + 4).
The rebuttable presumption in paragraph 51C also applies when a deferred tax liability or a deferred tax asset arises from measuring investment property in a business combination if the entity will use the fair value model when subsequently measuring that investment property.
Paragraphs 51B-51D do not change the requirements to apply the principles in paragraphs 24-33 (deductible temporary differences) and paragraphs 34-36 (unused tax losses and unused tax credits) of this Standard when recognising and measuring deferred tax assets.
[moved and renumbered 51A]
In some jurisdictions, income taxes are payable at a higher or lower rate if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity. In some other jurisdictions, income taxes may be refundable or payable if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity. In these circumstances, current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits.
In the circumstances described in paragraph 52A, the income tax consequences of dividends are recognised when a liability to pay the dividend is recognised. The income tax consequences of dividends are more directly linked to past transactions or events than to distributions to owners. Therefore, the income tax consequences of dividends are recognised in profit or loss for the period as required by paragraph 58 except to the extent that the income tax consequences
of dividends arise from the circumstances described in paragraph 58(a) and (b).
Example illustrating paragraphs 52A and 52B
The following example deals with the measurement of current and deferred
tax assets and liabilities for an entity in a jurisdiction where income taxes are payable at a higher rate on undistributed profits (50%) with an amount being refundable when profits are distributed. The tax rate on distributed profits is 35%. At the end of the reporting period, 31 December 20X1, the
entity does not recognise a liability for dividends proposed or declared after
the reporting period. As a result, no dividends are recognised in the year
20X1. Taxable income for 20X1 is 100,000. The net taxable temporary difference for the year 20X1 is 40,000.
The entity recognises a current tax liability and a current income tax expense of
50,000. No asset is recognised for the amount potentially recoverable as a result of future dividends. The entity also recognises a deferred tax liability and deferred tax
expense of 20,000 (40,000 at 50%) representing the income taxes that the entity will pay when it recovers or settles the carrying amounts of its assets and liabilities based on the tax rate applicable to undistributed profits.
Subsequently, on 15 March 20X2 the entity recognises dividends of 10,000
from previous operating profits as a liability.
On 15 March 20X2, the entity recognises the recovery of income taxes of 1,500 (15% of
the dividends recognised as a liability) as a current tax asset and as a reduction of current income tax expense for 20X2.
Deferred tax assets and liabilities shall not be discounted.
The reliable determination of deferred tax assets and liabilities on a discounted basis requires detailed scheduling of the timing of the reversal of each temporary difference. In many cases such scheduling is impracticable or highly complex. Therefore, it is inappropriate to require discounting of deferred tax assets and liabilities. To permit, but not to require, discounting would result in deferred tax assets and liabilities which would not be comparable between entities. Therefore, this Standard does not require or permit the discounting of deferred tax assets and liabilities.
Temporary differences are determined by reference to the carrying amount of an asset or liability. This applies even where that carrying amount is itself determined on a discounted basis, for example in the case of retirement benefit obligations (see IAS 19 Employee Benefits).
The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting period. An entity shall reduce the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction shall be reversed to the extent that it becomes probable that sufficient taxable profit will be available.
Recognition of current and deferred tax
Accounting for the current and deferred tax effects of a transaction or other event is consistent with the accounting for the transaction or event itself. Paragraphs 58 to 68C implement this principle.
Items recognised in profit or loss
Current and deferred tax shall be recognised as income or an expense and
included in profit or loss for the period, except to the extent that the tax
arises from:
a transaction or event which is recognised, in the same or a
different period, outside profit or loss, either in other comprehensive income or directly in equity (see paragraphs
61A-65); or
a business combination (other than the acquisition by an
investment entity, as defined in IFRS 10 Consolidated Financial
Statements, of a subsidiary that is required to be measured at fair
value through profit or loss) (see paragraphs 66-68).
Most deferred tax liabilities and deferred tax assets arise where income or
expense is included in accounting profit in one period, but is included in taxable profit (tax loss) in a different period. The resulting deferred tax is recognised in
profit or loss. Examples are when:
interest, royalty or dividend revenue is received in arrears and is included in accounting profit on a time apportionment basis in accordance with IAS 18 Revenue, but is included in taxable profit (tax loss)
on a cash basis; and
costs of intangible assets have been capitalised in accordance with IAS 38
and are being amortised in profit or loss, but were deducted for tax purposes when they were incurred.
The carrying amount of deferred tax assets and liabilities may change even
though there is no change in the amount of the related temporary differences.
This can result, for example, from:
a change in tax rates or tax laws;
a reassessment of the recoverability of deferred tax assets; or
a change in the expected manner of recovery of an asset.
The resulting deferred tax is recognised in profit or loss, except to the extent
that it relates to items previously recognised outside profit or loss (see paragraph 63).
Items recognised outside profit or loss
[Deleted]
Current tax and deferred tax shall be recognised outside profit or loss if
the tax relates to items that are recognised, in the same or a different
period, outside profit or loss. Therefore, current tax and deferred tax that
relates to items that are recognised, in the same or a different period:
in other comprehensive income, shall be recognised in other
comprehensive income (see paragraph 62).
directly in equity, shall be recognised directly in equity (see
paragraph 62A).
International Financial Reporting Standards require or permit particular items
to be recognised in other comprehensive income. Examples of such items are:
a change in carrying amount arising from the revaluation of property,
plant and equipment (see IAS 16); and
[deleted]
exchange differences arising on the translation of the financial statements of a foreign operation (see IAS 21).
[deleted]
International Financial Reporting Standards require or permit particular items
to be credited or charged directly to equity. Examples of such items are:
an adjustment to the opening balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of an error (see IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors); and
amounts arising on initial recognition of the equity component of a
compound financial instrument (see paragraph 23).
In exceptional circumstances it may be difficult to determine the amount of
current and deferred tax that relates to items recognised outside profit or loss (either in other comprehensive income or directly in equity). This may be the
case, for example, when:
there are graduated rates of income tax and it is impossible to determine the rate at which a specific component of taxable profit (tax loss) has
been taxed;
a change in the tax rate or other tax rules affects a deferred tax asset or
liability relating (in whole or in part) to an item that was previously
recognised outside profit or loss; or
an entity determines that a deferred tax asset should be recognised, or should no longer be recognised in full, and the deferred tax asset relates (in whole or in part) to an item that was previously recognised outside profit or loss.
In such cases, the current and deferred tax related to items that are recognised
outside profit or loss are based on a reasonable pro rata allocation of the current and deferred tax of the entity in the tax jurisdiction concerned, or other method that achieves a more appropriate allocation in the circumstances.
IAS 16 does not specify whether an entity should transfer each year from
revaluation surplus to retained earnings an amount equal to the difference
between the depreciation or amortisation on a revalued asset and the depreciation or amortisation based on the cost of that asset. If an entity makes such a transfer, the amount transferred is net of any related deferred tax. Similar considerations apply to transfers made on disposal of an item of property, plant or equipment.
When an asset is revalued for tax purposes and that revaluation is related to an accounting revaluation of an earlier period, or to one that is expected to be carried out in a future period, the tax effects of both the asset revaluation and the adjustment of the tax base are recognised in other comprehensive income in the periods in which they occur. However, if the revaluation for tax purposes is not related to an accounting revaluation of an earlier period, or to one that is expected to be carried out in a future period, the tax effects of the adjustment of the tax base are recognised in profit or loss.
When an entity pays dividends to its shareholders, it may be required to pay a portion of the dividends to taxation authorities on behalf of shareholders. In many jurisdictions, this amount is referred to as a withholding tax. Such anamount paid or payable to taxation authorities is charged to equity as a part of the dividends.
Deferred tax arising from a business combination
As explained in paragraphs 19 and 26(c), temporary differences may arise in a
business combination. In accordance with IFRS 3, an entity recognises any resulting deferred tax assets (to the extent that they meet the recognition criteria in paragraph 24) or deferred tax liabilities as identifiable assets and liabilities at the acquisition date. Consequently, those deferred tax assets and deferred tax liabilities affect the amount of goodwill or the bargain purchase gain the entity recognises. However, in accordance with paragraph 15(a), an entity does not recognise deferred tax liabilities arising from the initial recognition of goodwill.
As a result of a business combination, the probability of realising a pre-acquisition deferred tax asset of the acquirer could change. An acquirer may consider it probable that it will recover its own deferred tax asset that was not recognised before the business combination. For example, the acquirer may be able to utilise the benefit of its unused tax losses against the future taxable profit of the acquiree. Alternatively, as a result of the business combination it might no longer be probable that future taxable profit will allow the deferred tax asset to be recovered. In such cases, the acquirer recognises a change in the deferred tax asset in the period of the business combination, but does not include it as part of the accounting for the business combination. Therefore, the acquirer does not take it into account in measuring the goodwill or bargain purchase gain it recognises in the business combination.
The potential benefit of the acquiree's income tax loss carryforwards or other deferred tax assets might not satisfy the criteria for separate recognition when a business combination is initially accounted for but might be realised subsequently. An entity shall recognise acquired deferred tax benefits that it
realises after the business combination as follows:
Acquired deferred tax benefits recognised within the measurement period that result from new information about facts and circumstances that existed at the acquisition date shall be applied to reduce the carrying amount of any goodwill related to that acquisition. If the carrying amount of that goodwill is zero, any remaining deferred tax benefits shall be recognised in profit or loss.
All other acquired deferred tax benefits realised shall be recognised in
profit or loss (or, if this Standard so requires, outside profit or loss).
Current and deferred tax arising from share-based
payment transactions
In some tax jurisdictions, an entity receives a tax deduction (ie an amount that is
deductible in determining taxable profit) that relates to remuneration paid in shares, share options or other equity instruments of the entity. The amount of that tax deduction may differ from the related cumulative remuneration expense, and may arise in a later accounting period. For example, in some jurisdictions, an entity may recognise an expense for the consumption of employee services received as consideration for share options granted, in accordance with IFRS 2 Share-based Payment, and not receive a tax deduction until
the share options are exercised, with the measurement of the tax deduction based on the entity's share price at the date of exercise.
As noted in paragraph 68A, the amount of the tax deduction (or estimated future tax deduction, measured in accordance with paragraph 68B) may differ from the related cumulative remuneration expense. Paragraph 58 of the Standard requires that current and deferred tax should be recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from (a) a transaction or event that is recognised, in the same or a different period, outside profit or loss, or (b) a business combination (other than the acquisition by an investment entity of a subsidiary that is required to be measured at fair value through profit or loss). If the amount of the tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense, this indicates that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the excess of the associated current or deferred tax should be recognised directly in equity.
Presentation
Tax assets and tax liabilities
[Deleted]
Offset
An entity shall offset current tax assets and current tax liabilities if, and
only if, the entity:
has a legally enforceable right to set off the recognised amounts;
and
intends either to settle on a net basis, or to realise the asset and
settle the liability simultaneously.
Although current tax assets and liabilities are separately recognised and measured they are offset in the statement of financial position subject to criteria similar to those established for financial instruments in IAS 32. An entity will normally have a legally enforceable right to set off a current tax asset against a current tax liability when they relate to income taxes levied by the same taxation authority and the taxation authority permits the entity to make or receive a single net payment.
In consolidated financial statements, a current tax asset of one entity in a group is offset against a current tax liability of another entity in the group if, and only if, the entities concerned have a legally enforceable right to make or receive a single net payment and the entities intend to make or receive such a net
payment or to recover the asset and settle the liability simultaneously.
An entity shall offset deferred tax assets and deferred tax liabilities if, and
only if:
the entity has a legally enforceable right to set off current tax
assets against current tax liabilities; and
the deferred tax assets and the deferred tax liabilities relate to
income taxes levied by the same taxation authority on either:
the same taxable entity; or
different taxable entities which intend either to settle
current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
To avoid the need for detailed scheduling of the timing of the reversal of each temporary difference, this Standard requires an entity to set off a deferred tax asset against a deferred tax liability of the same taxable entity if, and only if, they relate to income taxes levied by the same taxation authority and the entity has a legally enforceable right to set off current tax assets against current tax liabilities.
In rare circumstances, an entity may have a legally enforceable right of set-off, and an intention to settle net, for some periods but not for others. In such rare circumstances, detailed scheduling may be required to establish reliably whether the deferred tax liability of one taxable entity will result in increased tax payments in the same period in which a deferred tax asset of another taxable entity will result in decreased payments by that second taxable entity.
Tax expense
Tax expense (income) related to profit or loss from ordinary
activities
The tax expense (income) related to profit or loss from ordinary activities shall be presented as part of profit or loss in the statement(s) of profit or loss and other comprehensive income.
[Deleted]
Exchange differences on deferred foreign tax liabilities or assets
IAS 21 requires certain exchange differences to be recognised as income or expense but does not specify where such differences should be presented in the statement of comprehensive income. Accordingly, where exchange differences on deferred foreign tax liabilities or assets are recognised in the statement of comprehensive income, such differences may be classified as deferred tax expense (income) if that presentation is considered to be the most useful to financial statement users.
Disclosure
The major components of tax expense (income) shall be disclosed
separately.
Components of tax expense (income) may include:
current tax expense (income);
any adjustments recognised in the period for current tax of prior
periods;
the amount of deferred tax expense (income) relating to the origination
and reversal of temporary differences;
the amount of deferred tax expense (income) relating to changes in tax
rates or the imposition of new taxes;
the amount of the benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to
reduce current tax expense;
the amount of the benefit from a previously unrecognised tax loss, tax
credit or temporary difference of a prior period that is used to reduce
deferred tax expense;
deferred tax expense arising from the write-down, or reversal of a previous write-down, of a deferred tax asset in accordance with
paragraph 56; and
the amount of tax expense (income) relating to those changes in
accounting policies and errors that are included in profit or loss in accordance with IAS 8, because they cannot be accounted for retrospectively.
The following shall also be disclosed separately:
the aggregate current and deferred tax relating to items that are
charged or credited directly to equity (see paragraph 62A);
the amount of income tax relating to each component of other
comprehensive income (see paragraph 62 and IAS 1 (as revised in
2007));
[deleted]
an explanation of the relationship between tax expense (income)
and accounting profit in either or both of the following forms:
a numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate(s), disclosing also the basis on which the
applicable tax rate(s) is (are) computed; or
a numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on
which the applicable tax rate is computed;
an explanation of changes in the applicable tax rate(s) compared
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