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Definition
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Tax Expense (tax income) is the aggregate amount
included in the determination of profit and loss for the
period in respect of current tax and deferred tax.
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Deferred Tax Assets are the amounts of income taxes
recoverable in future periods in respect of
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Temporary Difference are the differences between the carrying
amount of an asset or liability in the statement of financial position
and its tax base. Temporary differences may be either
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Recognition of current tax liabilities and current tax assets
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Recognition of DTA & DTL
A DTA shall be recognized for all DTD to the extent that it is probable
that taxable profit will be available against which the deductible
temporary differences can be utilized, unless DTA arises from the
initial recognition of an asset or liability in a transaction that
c
Unused tax losses and unused tax credits
DTA and DTL shall be measured at the tax rates that are
expected to apply to the period when the asset is realized
or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted by
the balance sheet date.
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Measurement
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c
Reversal of DTA
The carrying amount of a DTA shall be reviewed
at each balance sheet date. An entity shall
reduce the carrying amount of a DTA to the
extent that it is no longer probable that
sufficient taxable profit will be available to
allow the benefit of part of that DTA to be
utilized. Any such reduction shall be reversed to
the extent that it becomes probably that
sufficient taxable profit will be available. c
Recognition of current and deferred tax
Offset
Tax Expense
Disclosures