CERTYNEX IFRS ACADEMY

Elmorra, which has recent tax losses, leases a logistics site: right-of-use asset and lease liability of 380,000 each. Lease payments are deductible only when paid (tax data); according to the schedule prepared (case assumption), the taxable difference on the right-of-use asset will reverse in the same periods, and for the same tax authority and entity, as the deductible difference on the liability. Tax rate: 25%. What is recognised at the commencement date?

A deferred tax asset of 95,000 only.

Nothing: the initial recognition exception applies to leases.

A deferred tax liability of 95,000 only: the recent tax losses prevent any deferred tax asset from being recognised.

A deferred tax liability and asset of 95,000 each, the asset being supported by the reversal of the taxable difference.