Kustom Kennels Ltd manufactures prefabricated sheds, ranging from industrial sheds and garden sheds down to small items such as dog kennels.

Required

1. Outline the requirements of AASB 112 in relation to the recognition of deferred tax assets from long-service leave and retrenchment liabilities. How do these requirements differ (if at all) from the recognition requirements for deferred tax assets from tax losses?