Deferred tax on land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2016
Can any one let me know why deferred tax on land to be created.
We neither depreciate the same or going to sell in near future.
Please give a light on this under US GAAP and IND As.
We neither depreciate the same or going to sell in near future.
Please give a light on this under US GAAP and IND As.
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2016
The asset to be catogorized as investment property. It means in near future the asset eg land to be carried for sale in books.
The picture of deferred tax asset arises based on indexing up for the change in the price index from the date of acquisition or subsequent revaluation to the date of the opening statement of financial position;
measure deferred tax at the date of the opening statement of financial position in accordance with IAS 12 based on those revised carrying amounts; and
Re-measure those deferred tax balances for the change in the measuring unit from the date of the opening statement of financial position to the reporting date - i.e. by indexing up for the change in the price index during the reporting period.
The picture of deferred tax asset arises based on indexing up for the change in the price index from the date of acquisition or subsequent revaluation to the date of the opening statement of financial position;
measure deferred tax at the date of the opening statement of financial position in accordance with IAS 12 based on those revised carrying amounts; and
Re-measure those deferred tax balances for the change in the measuring unit from the date of the opening statement of financial position to the reporting date - i.e. by indexing up for the change in the price index during the reporting period.
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