IAS 12 definition
Examples of IAS 12 in a sentence
Deferred taxes are determined in accordance with IAS 12 by the balance sheet liability method.
Current income taxes owed by the Company are recognized when incurred, in accordance with IAS 12.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 The amendments to IAS 12 Income Taxes require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 The amendments to IAS 12 Income Taxes require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.
The Group has an exemption under NZ IAS 12 Income Tax for investment properties, and only recognise deferred tax on the consequences of selling an investment property.
IFRIC 23 clarifies application of recognition and measurement requirements in IAS 12 - Income Taxes when there is uncertainty over income tax treatments.
The interpretation is applicable to all payments imposed by governments under legislation, other than income taxes that are within the scope of IAS 12 and fines and penalties for breaches of legislation.
In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes.
Amendments to IAS 12 Deferred Tax: Recovery of Underlying Assets were issued in December 2010 and are effective for annual periods beginning on or after 1 January 2012.