Appendix B
Exceptions to the retrospective application of other IFRSs
This appendix is an integral part of the IFRS.
B1 | An entity shall apply the following exceptions:...... government loans (paragraphs B10–B12); insurance contracts (paragraph B13); and deferred tax related to leases and decommissioning, restoration and similar liabilities (paragraph B14). |
DEFERRED TAX RELATED TO LEASES AND DECOMMISSIONING, RESTORATION AND SIMILAR LIABILITIES
B14 | Paragraphs 15 and 24 of IAS 12 Income Taxes exempt an entity from recognising a deferred tax asset or liability in particular circumstances. Despite this exemption, at the date of transition to IFRSs, a first-time adopter shall recognise a deferred tax asset—to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised—and a deferred tax liability for all deductible and taxable temporary differences associated with: right-of-use assets and lease liabilities; and decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset. |