Deferred tax is back

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. Which of the following is the central theme of the IASB current workplan?

  2. What is the current status of IASB work in relation to IAS 12?

  3. Which of the following represents the focus of the approach to deferred tax under IAS 12?

  4. Which, if any, of the following statements about revaluation gains is/are correct? Statement 1 - An initial revaluation gain would result in deferred tax liabilities, or Statement 2 - Deferred tax liabilities would only be recorded on a revaluation gain if the entity has a positive intention to sell the asset

  5. Which of the following is true in respect of deferred tax liabilities?

  6. Which of the following represents an argument as to why deferred tax on revaluation gains may not necessarily be consistent with the Conceptual framework?

  7. Which of the statements below represents a weakness in the disclosures surrounding deferred tax liabilities?

  8. Which, if any, of the following statements is correct? Statement 1 - All deferred tax balances should be discounted to reflect the time value of money, or Statement 2 - The measurement of deferred tax liabilities is consistent with accounting for provisions under IAS 37

  9. Which of the following is true regarding deferred tax assets?

  10. Which, if any, of the following statements is correct regarding the contents of IAS 12 Income taxes? Statement 1 - IAS 12 contains information on both current and deferred taxes, or Statement 2 - IAS 12 defines the tax base to be used in relation to an item