The Basic advantages of AS are as follows.
- Uniformity in the financial statements of all concerns.
- Leads to Better presentation of financial statements.
- Easy to make a comparitive sutdy of any two business 
organisations.

Differed Tax:
AS per AS 22, Differ Tax is the differnce between tax 
payable as per Book profit and tax payable as per tax laws.

Differ tax araises only becasue of timing difference on 
Current account Transactions.Like Deprecialtion.

Differed tax may be differ tax asset or differ tax 
liability.