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Deferred tax recognition: timing differences create deferred tax; assets require prudence and virtual certainty for recognition. Deferred tax arises from timing differences between accounting income and taxable income and must be recognised for all such differences; permanent differences do not give rise to deferred tax. Deferred tax assets are recognised only to the extent there is reasonable certainty of realisation, and where unabsorbed depreciation or carry-forward losses exist, recognition requires virtual certainty supported by convincing evidence. Measurement uses enacted or substantively enacted tax rates, deferred tax is not discounted, and balances are re-assessed each balance sheet date with specified presentation and disclosure requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
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<h1>Deferred tax recognition: timing differences create deferred tax; assets require prudence and virtual certainty for recognition.</h1> Deferred tax arises from timing differences between accounting income and taxable income and must be recognised for all such differences; permanent differences do not give rise to deferred tax. Deferred tax assets are recognised only to the extent there is reasonable certainty of realisation, and where unabsorbed depreciation or carry-forward losses exist, recognition requires virtual certainty supported by convincing evidence. Measurement uses enacted or substantively enacted tax rates, deferred tax is not discounted, and balances are re-assessed each balance sheet date with specified presentation and disclosure requirements.
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