For example, on initial recognition a temporary difference may exist if the tax basis of the convertible debt includes the entire amount of the instrument, while split accounting requires the recognition of both a liability and an equity component. An entity must recognize a deferred tax liability at the time of the transaction because the initial recognition of the instrument affects taxable profit or loss and therefore the transaction does not fall within the IAS 12 exception for recognition of deferred taxation on initial recognition of an asset or liability. From the perspective of the income statement, the deferred tax liability at the end of each period corresponds to the aggregate income tax deduction on the difference between the nominal interest expense and the imputed interest expense for the remaining life of the instrument.
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