n Professional Accountant - Deferred tax - the basic principles : IFRS for SMEs

Volume 2012, Issue 3
  • ISSN : 1680-7537


Section 29.2 of IFRS for SMEs requires all entities not only to recognise current tax but, more importantly, deferred tax. This section has created a nightmare for practitioners as the non-compliance of recognising deferred tax in the financial statements is a violation of IFRS for SMEs. The veil of the myth that deferred tax is only applicable to large corporations has been lifted - good or bad for SMEs and practitioners.

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