Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 21/08/2014

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Deferred tax assets on unrealised losses (2014/15) 

This In the Headlines looks at proposals issued by the International Accounting Standards Board (IASB) that seek to address the fundamental question of what future taxable profit is.
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The IASB has published Exposure Draft ED/2014/3 Recognition of Deferred Tax Assets for Unrealised Losses (Proposed amendments to IAS 12) on 20 August 2014.

 

The proposals stem from a question about deferred taxes on unrealised losses on debt instruments, but the ED attempts to address the much broader issue of how to determine future taxable profit for the asset recognition test.


The closing date for comments is 18 December 2014.