RECOGNITION OF CURRENT TAX ASSETS AND LIABILITIES

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The benefit relating to a tax loss that can be carried back to recover the current tax of a previous period shall be recognized as an asset.

When a tax loss is used to recover the current tax of a previous period, an entity recognizes the benefit as an asset in the period in which the tax loss occurs because it is probable that the benefit will flow to the entity and the benefit can be reliably measured.
Current tax for current and prior periods shall, to the extent unpaid, be recognized as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognized as an asset. 

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