Material accounting policy information now governs disclosure and deferred tax recognition for leases and decommissioning on transition. The amendment requires first time adopters and entities applying the amendment to recognise deferred tax assets and liabilities for deductible and taxable temporary differences arising from right of use assets and lease liabilities and from decommissioning, restoration and similar liabilities and their corresponding capitalised asset amounts; it prescribes prospective application and transition mechanics, including recognition in the opening retained earnings (or other equity component) of the earliest comparative period presented. The notification also replaces 'significant accounting policies' with material accounting policy information and clarifies disclosure and judgment requirements for accounting policies and accounting estimates.
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.
Provisions expressly mentioned in the judgment/order text.
Material accounting policy information now governs disclosure and deferred tax recognition for leases and decommissioning on transition.
The amendment requires first time adopters and entities applying the amendment to recognise deferred tax assets and liabilities for deductible and taxable temporary differences arising from right of use assets and lease liabilities and from decommissioning, restoration and similar liabilities and their corresponding capitalised asset amounts; it prescribes prospective application and transition mechanics, including recognition in the opening retained earnings (or other equity component) of the earliest comparative period presented. The notification also replaces "significant accounting policies" with material accounting policy information and clarifies disclosure and judgment requirements for accounting policies and accounting estimates.
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