Deferred Tax Flashcards
1
Q
In Accrual Basis for deferred income, if there are more assets than the tax man , what does this mean?
A
More tax leading to Defered Tax liability
2
Q
If there are more asset caused due to revaluation, where should the tax go?
A
OCI
3
Q
What is deferred tax caused by?
A
Timing differences between IFRS rules and tax rules
4
Q
If there is more liability, what does this lead to on an accrual basis
A
Less tax, leading to deferred Tax asset
5
Q
When can Deferred tax asset be recognised if it is more than the liability
A
Only if it is probable that it will be recovered in the near future.
6
Q
Can you discount deferred tax?
A
No
