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HKAS 12 requires that the measurement of deferred tax liabilities and deferred tax assets should be based on the tax consequences that would follow from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities.
2018年6月15日 · In Hong Kong, at which point in time are tax rates 'substantively enacted' for the purposes of HKAS 12 “Income Taxes”? Paragraph 46 of HKAS 12 states that "Current tax liabilities (assets) for the current and prior periods shall be measured at the amount
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HKAS 12 on tax liabilities and assets The relevant paragraphs in Hong Kong Accounting Standard (HKAS) 12 Income Taxes setting out the requirements for measuring the current and deferred tax assets and liabilities are reproduced below:
HKAS 12 adopts a balance sheet liability method in accounting for deferred tax and requires full provision for deferred tax with only certain exceptions. This note covers the following areas of HKAS 12:2. Objective and scope of HKAS 12. The recognition of current tax liabilities and current tax assets.
- Scope
- Definitions
- Recognition of Current Tax Liabilities and Current Tax Assets
- Recognition of Deferred Tax Liabilities and Deferred Tax Assets
- Measurement
- Recognition of Current and Deferred Tax
- Presentation
- Disclosure
For the purposes of this Standard, income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, associate or joint arrangement on distributions to the reporting entity. (HKAS 12.2)
Accounting profit is profit or loss for a period before deducting tax expense. Taxable profit (tax loss) is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable (recoverable). Tax expense (tax income)is the aggregate amount included in the determin...
Current tax for current and prior periods shall, to the extent unpaid, be recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognised as an asset. (HKAS 12.12) The benefit relating to a tax lossthat can be carried back to recover current t...
A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from: (HKAS 12.15) 1. the initial recognition of goodwill; or 2. the initial recognition of an asset or liability in a transaction which: 2.1. is not a business combination; and 2.2. at the time of the...
Current tax liabilities (assets)for the current and prior periods shall be measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. (HKAS 12.46) Deferred tax assets and liabilitiesshall be measur...
Current and deferred tax shall be recognised as income or an expense and included in profit or lossfor the period, except to the extent that the tax arises from: (HKAS 12.58) 1. a transaction or event which is recognised, in the same or a different period, outside profit or loss, either in other comprehensive income or directly in equity(see pa...
An entity shall offset current tax assets and current tax liabilities if, and only if, the entity: (HKAS 12.71) 1. has a legally enforceableright to set off the recognised amounts; and 2. intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Although current tax assets and liabilities are se...
The major components of tax expense (income) shall be disclosed separately. (HKAS 12.79) Components of tax expense (income)may include: (HKAS 12.80) 1. current tax expense (income); 2. any adjustments recognised in the period for current tax of prior periods; 3. the amount of deferred tax expense (income) relating to the origination and reversa...
Scope of HKAS 12 • HKAS 12 shall be applied in accounting for income taxes. (HKAS 12.1) • For the purposes of HKAS 12, income taxes include – all domestic and foreign taxes which are based on taxable profits. – taxes, such as withholding taxes, which are
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