Depreciation of non-deductible PP&
During the year ended 31 March 2014 an entity acquires an item of PP& for €1 million which it intends to use for 20 years, with no anticipated residual value. No tax deductions are available for the asset. In accordance with IAS 12 no deferred tax liability was recognised on the taxable temporary difference of €1 million that arises on initial recognition of the PP&.
The entity”s accounting policy is to charge a full year”s depreciation in the year of purchase, so that the carrying amount of the asset at 31 March 2014 is €950,000. No deferred tax is recognised on the current temporary difference of €950,000, because it is part of the temporary difference arising on the initial recognition of the PP&. [IAS 12.22(c)].
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