{"id":1115,"date":"2019-10-02T17:26:53","date_gmt":"2019-10-02T09:26:53","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1115"},"modified":"2020-01-13T17:39:04","modified_gmt":"2020-01-13T09:39:04","slug":"1115","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/10\/02\/1115\/","title":{"rendered":"ASC submits comments to IASB on ED\/2019\/5 Amendments to IFRS 17"},"content":{"rendered":"\n<p>On or about 2 October 2019, the Accounting Standards Council (ASC)_ has submitted its comment on ED\/2019\/5 <em>Amendments to IFRS 17<\/em> to the IASB.<\/p>\n\n\n\n<p>The ASC are generally supportive  of  the  proposed  amendments,  subject  to  their comments as stated in the comment letter. <\/p>\n\n\n\n<p>The ASC recommend  that  the  IASB  should  consider addressing the reassessment of deferred  tax  asset  and  liability collectively for  transactions  within  the  scope  of  the ED.  In particular, the IASB could clarify that:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>at initial recognition, an entity does not apply the recognition exemption to the deferred tax  asset,  but  recognises  the  deferred  tax  asset  only  to  the  extent  permitted  by  the recoverability   requirement.   Therefore,   the   entity   does   not   apply   the   recognition exemption  to  any  portion  of  the  deferred  tax  liability  for  which  it  does  not  recognise  a corresponding deferred tax asset<\/li><li>in  subsequent  periods,  the  entity  reassesses  the  unrecognised  deferred tax asset and liability.  However, the  entity recognises  any  unrecognised  deferred  tax  liability  only  to  the  extent  of  a  recovery  of its corresponding unrecognised deferred  tax  asset at  initial recognition. <\/li><li><\/li><\/ul>\n\n\n\n<p>The IASB  should at  least consider:  (a) explaining that an entity should reach the same reassessment conclusion for the deferred tax liability and its corresponding deferred tax asset; and (b) amending the Basis of Conclusions to avoid implying otherwise,  if it was to decide against  addressing reassessment.<\/p>\n\n\n\n<p>Source: ASC website, 2 October 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 2 October 2019, the Accounting Standards Council (ASC)_ has submitted its comment on ED\/2019\/5 Amendments to IFRS 17 to the IASB. The ASC are generally supportive of the proposed amendments, subject to their comments as stated in the comment letter. The ASC recommend that the IASB should consider addressing the reassessment of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1115","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1115"}],"version-history":[{"count":2,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1115\/revisions"}],"predecessor-version":[{"id":1117,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1115\/revisions\/1117"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1115"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}