Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Professional Updates »
Open DEMAT Account in 24 hrs
 Implementation of Know your Member (KYM) Form
 Exposure Draft of Guidance Note on Transfer of Capital Reserve (Last date of comments: 20th April, 2023)
 Guidance Note on Audit of Banks (2023 Edition)
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2023 Examinations up to 15th March 2023.
 Implementation Guide to SA 580, Written Representations
 A Primer on the Concept of Social Stock Exchange
 Exposure Drafts of Guidance Note on Financial Statements of Non-Corporate Entities and Guidance Note on Financial Statements of Limited Liability Partnerships for comments
 Framework for Social Audit Standards
 Important Announcement - "Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations May/June 2023
 ICAI invites suggestions on tax proposals of Union Budget 2023-24
 Results of the Chartered Accountants Foundation Examination held in December 2022 is likely to be declared on Friday, the 3rd February, 2023

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:

http://www.ifrs.org/Current-Projects/IASB-Projects/Recognition-of-Deferred-Tax-Assets-for-Unrealised-Losses/ED-August-2014/Documents/ED-Recognition-Deferred-Tax-IAS-12-August-2014.pdf

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 commentsasb@icai.in. Further clarifications on this exposure draft may be sought by e-mail to shilpi.hisaria@icai.in.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting