IFRS 3Chapter 6Lesson 1
The main exceptions: contingent liabilities and deferred taxes
Step 1 of 8Learning objectives
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A contingent liability assumed is recognised with no probability test if it is a present obligation that can be reliably measured; deferred tax follows IAS 12 and changes goodwill; IAS 37 and IFRIC 21 take precedence over the Conceptual Framework to find an obligation.
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Learning objectives
- Say when a contingent liability assumed is recognised and how it is measured afterwards.
- Calculate deferred tax on a fair value adjustment and its effect on goodwill.
- Explain why IAS 37 and IFRIC 21 take precedence over the Conceptual Framework for certain liabilities.