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Impairment loss

This query is : Resolved 
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(Querist)
21 May 2013 Dear Friends and Respected member(CACLUBIINDIA.com)


Please suggest me whether Impairment Loss is a timing Difference?.Please present convincing reason for your views.

Thanking you



Ajay Panchariya
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
22 May 2013 Under AS
If the loss is not allowable by taxation authorities in the same year, then it is a timing difference since the same will be allowed later when asset will be sold.

Under IFRS
If the Tax Base is different from Accounts Base, it is a timing difference.

It will create DTA in both scenarios.
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
22 May 2013 Under AS
If the loss is not allowable by taxation authorities in the same year, then it is a timing difference since the same will be allowed later when asset will be sold.

Under IFRS
If the Tax Base is different from Accounts Base, it is a timing difference.

It will create DTA in both scenarios.
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CA. AJAY PANCHARIA

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CA. AJAY PANCHARIA (Querist)
23 May 2013 Thanking You Very much sir.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
09 July 2013 Yes I agree with the expert
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