Deferred tax revaluation of assets, impairment loss
This query is : Resolved
27 March 2012
Hi friends. I hav a doubt on Deferred tax.
How Impairment loss results into timing difference.
The Accounting standards says No timing difference on profit on revaluation.
If impairment results into timing difference, why cant profit on revaluation result into Timing difference.
plz get my doubt clarified.
How Impairment loss results into timing difference.
The Accounting standards says No timing difference on profit on revaluation.
If impairment results into timing difference, why cant profit on revaluation result into Timing difference.
plz get my doubt clarified.
27 March 2012
Profit on revaluation of reserve is transferred to Revaluation Reserve so there is no question of timing difference here.In case of impairment loss there is timing difference as impairment loss in not allowed under Income Tax Act.
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