(ii) Describe the basis for the calculation of the provision for deferred taxati

(ii) Describe the basis for the calculation of the provision for deferred taxation on first time adoption of IFRS

including the provision in the opening IFRS balance sheet. (4 marks)

(ii) A company has to apply IAS12 to the temporary differences between the carrying amount of the assets and liabilities inits opening IFRS balance sheet (1 November 2003) and their tax bases (IFRS1 ‘First time adoption of IFRS’). Thedeferred tax provisio