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.

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.

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