Page 103 - Finac1 Test 1 slides
P. 103
INCOME TAXES
Deferred Tax Liability
• A deferred tax liability
• should be recognised for all taxable differences unless
the deferred tax liability arises from the following:
• EXEMPTION – IAS 12.15
• Initial recognition of goodwill where amortisation is
not tax deductible
• the initial recognition of an asset/liability in a
transaction which:
• is not a business combination; and
• at the time of the transaction, affects neither accounting
profit nor taxable profit/loss
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