Valuation Allowance - only US GAAP?

[Jaishank]

So is valuation allowance done only in US GAAP? I went through other forum discussions about this and there was no consensus..
If it is not allowed under IFRS then what is a similar effect of a valuation allowance under IFRS?

 

[Wojtek]

Under IFRS you reduce the deferred tax asset directly. Under US GAAP you achieve a similar effect via the valuation allowance.
regards