FAR 19 - DEFERRED TAXES

Question 1

What type of disclosures are required regarding temporary and permanent tax differences?

Answer 1

Disclosure required for:

1. the types and amounts of existing temporary difference
2. the nature and amount of each type of operating loss and tax credit carry forward

Question 2

All deferred tax liabilities are reported as…..(current/noncurrent)

Answer 2

All deferred tax liabilities are reported as NONCURRENT