IFRS Notes

Offset


IAS 12-pr71A
Current tax assets and current tax liabilities are offset
if, and only if,
both (1) and (2) are met

(1) legally enforceable right to offset
(2) intention to settle on a net basis

IAS 12-pr74
Deferred tax assets and deferred tax liabilities are offset
if, and only if,
(3), (4) and (5) are met

(3) legally enforceable right to offset
current tax assets and liabilities
(4) deferred taxes are related to taxes
imposed by same taxation authority
(5) imposed on same taxable entity or
different taxable entities that intend to settle on a net basis