Unless a company has a legal right of set-off, IAS 12 Income Taxes, requires disclosure of all of the following information for deferred tax in the statement of financial position:
I The amount of deferred tax assets recognised
II The amount of the deferred tax liabilities recognised
III The net amount of the deferred tax assets and liabilities recognised
IV The amount of the deferred tax asset relating to tax losses
A) I, II and IV only;
B) I, II and III only;
C) III and IV only;
D) IV only.

Question

Unless a company has a legal right of set-off, IAS 12 Income Taxes, requires disclosure of all of the following information for deferred tax in the statement of financial position: 
I The amount of deferred tax assets recognised
II The amount of the deferred tax liabilities recognised
III The net amount of the deferred tax assets and liabilities recognised
IV The amount of the deferred tax asset relating to tax losses
A) I, II and IV only;
B) I, II and III only;
C) III and IV only;
D) IV only.

Quizplus · Accepted Answer

IAS 12 requires disclosure of the amount of deferred tax assets recognised, the amount of the deferred tax liabilities recognised, and the amount of the deferred tax asset relating to tax losses, but not specifically the net amount of the deferred tax assets and liabilities recognised.

Unless a Company Has a Legal Right of Set-Off, IAS