What is deferred tax asset or libility ? please help with
the best one answer u have. thanks all
Answer Posted / barodianbuddy(acca)
deferred tax arises because accounting profit will not be equal to taxable profit. The reason can be split into 2 categories:
1. permanent difference:- items that would have been used in calculating accounting profit but would not be used in calculating taxable profit. eg entertaining expenses (UK tax)
2. TEMPORARY DIFFERENCE:- Items that would have been used in calculating accounting profit and taxable profit but in different accounting periods. eg depreciation/tax allowances.
IAS 12 considers only the temporary differences.
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