International Financial Reporting Standards_guide.pdf

174 Chapter 15 Income Taxes (IAS 12)
15.5.2 Accounting policy disclosure: the method used for deferred tax should be disclosed.
15.5.3 The Statement of Comprehensive Income and notes should contain:
■ major components of tax expense (income), shown separately, including:
– current tax expense (income);
– deferred tax expense (income) related to the origination and reversal of temporary
differences and changes in tax rate;
– any adjustments recognized in the current period for tax of prior periods;
– tax benefits arising from previously unrecognized tax losses, credits, or temporary
differences of a prior period that is used to reduce the current or deferred tax
expense as relevant;
– deferred tax arising from the write-down (or reversal of a previous write-down) of a
deferred tax asset; and
– deferred amount relating to changes in accounting policies and fundamental errors
treated in accordance with IAS 8–allowed alternative;
■ reconciliation between tax amount and accounting profit or loss in monetary terms, or
a numerical reconciliation of the applicable tax rate;
■ the amount of income tax relating to each component of other comprehensive income;
■ in respect of discontinued operations:
– the amount of tax expense related to the gain or loss on discontinuance; and
– the amount of tax expense related to the profit or loss from ordinary activities of
discontinued operation for the period;
■ explanation of changes in applicable tax rates compared to previous period(s); and
■ for each type of temporary difference, and in respect of each type of unused tax
loss and credit, the amounts of the deferred tax recognized in the Statement of
Comprehensive Income.
15.5.4 The Statement of Financial Position and notes should include:
■ aggregate amount of current and deferred tax charged or credited directly to equity;
■ amount (and expiration date) of deductible temporary differences, unused tax losses,
and unused tax credits for which no deferred tax asset is recognized;
■ aggregate amount of temporary differences associated with investments in subsidiaries,
branches, associates, and joint ventures for which deferred tax liabilities have not been
recognized;
■ for each type of temporary difference, and in respect of each type of unused tax loss
and credit, the amount of the deferred tax assets and liabilities;
■ amount of a deferred tax asset and nature of the evidence supporting its recognition,
when:
– the utilization of the deferred tax asset is dependent on future taxable profits; or
– the enterprise has suffered a loss in either the current or preceding period;
■ amount of income tax consequences of dividends to shareholders that were proposed
or declared before the reporting date, but are not recognized as a liability in the financial
statements; and
■ the nature of the potential income tax consequences that would result from the
payment of dividends to the enterprises’ shareholders, that is, the important features
of the income tax systems and the factors that will affect the amount of the potential
tax consequences of dividends.