Search Definitions

Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base. Temporary differences may be either: (a) taxable temporary differences , which are temporary differences …

The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. …

Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). …

The following terms are used in this Standard with the meanings specified: …

A provision is a liability of uncertain timing or amount. …

A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. …

An obligating event is an event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that …

A legal obligation is an obligation that derives from: (a) a contract (through its explicit or implicit terms); (b) legislation; or (c) other operation of …

A constructive obligation is an obligation that derives from an entity’s actions where: (a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will …

A contingent liability is: (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or (b) a …