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Recognition of Deferred Tax Assets for Unrealised Losses Proposed amendments to IAS 12 (Last date for sending comments: October 9, 2014)
September, 10th 2014

This Exposure Draft, published by the International Accounting Standards Board (IASB), contains proposed amendments to IAS 12, Income Taxes. The proposed amendments are in response to a request to the IFRS Interpretations Committee (the ‘Interpretations Committee’) to clarify the recognition of a deferred tax asset that is related to a debt instrument measured at fair value in circumstances in which:

  • changes in the market interest rate decrease the fair value of the debt instrument below cost.
  • it is probable that the debt instrument’s holder will receive all the contractual cash flows if it holds the debt instrument until maturity.
  • the debt instrument’s holder has the ability and intention to hold the debt instrument until the decrease in its fair value reverses (which may be at its maturity).
  • the tax base of the debt instrument remains at cost until the debt instrument is sold or until maturity. The tax base of the debt instrument is not reduced by an impairment loss, because the criteria for recognising an impairment loss for tax purposes are not met.
  • the probable future taxable profits of the debt instrument’s holder are insufficient for the utilisation of all of its deductible temporary differences.

Invitation to comment

ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at:

Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than October 9, 2014. Comments can be sent by e-mail at Further clarifications on this exposure draft may be sought by e-mail to

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